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The Background & Significance of Blockchain
Before the emergence of the Bitcoin network, the TCP/IP protocol has been widely used to transmit information globally. The development of interconnection technology (e.g., Internet, Internet of Things, and Virtual Reality/Augmented Reality) have introduced more diverse ways to interact among people, information and objects and allowed more entities to become digitized and tokenized.
However, information sharing and transmission is not enough to meet the development needs of the economic society. A question has been increasingly raised and discussed by the public: How can we transfer digital payments and value from peer to peer?
In the past, we were not able to identify a solution to transfer assets and value from peer-to-peer over the Internet without the involvement of third parties. The Bitcoin network is the first P2P value transfer protocol. In this RIPPLE BYTE white paper we introduce the practical implementation of a VTP over the Internet.
With the world getting more connected, an increasing number of companies strive to offer their services and solutions online. Finance, education, healthcare, commerce and leisure providers are actively moving towards digitization in an attempt to serve the existing and find new customers worldwide.
In a result, RIPPLE BYTE foundation is aimed to provide better and possible facilities, and to strengthen the crypto payment industry by using the Blockchain ecosystem.
On the 31 st of October 2008, Satoshi Nakamoto announced the Bitcoin whitepaper titled “Bitcoin, A Peer to Peer Electronic Cash System” and introduced the Bitcoin network to establish a decentralized system of value transfer. Every participant in the Bitcoin network acts as a reviewer of transactions; the value transferred between two parties can be completed without establishing a trust relationship. This technology has changed the way we obtain and share value and has created a new decentralized, peer-to-peer community.
European Parliament, along with other regulatory authorities across the globe are now actively outlining new rules and principles for e-services. The legal framework removes regulatory uncertainty serving as a catalyst for the business migration online. We've undertaken a thorough analysis of the latest trends including rules around eID, QES and Trustee services as well as the Aggregation of Payment Services within the scope of the PSD2. And this is where RIPPLE BYTE steps in.
Vision of RIPPLE BYTE Team
RIPPLE BYTE Foundation is committed to develop fully qualified & professional global blockchain community by cooperating with the other blockchain communities, third party services, developers and companies. The goal of RIPPLE BYTE Foundation is to innovate the experience of using virtual currency in real life. Ultimately bring it into finance, business, product management, gaming, payments and internet industries. RIPPLE BYTE Foundation is the compatible ecosystem to develop, enhance and bridge the real world applications into the blockchain. In the current era, there are many payment industries are in an existence based on the blockchain systems. The current market depends on the peer to peer payment transfers with proof of security. However, such a security are not possible with presently running systems.
Thus RIPPLE BYTE want to provide extra facilities then the current available payment system providers. In addition to that, RIPPLE BYTE has planned to provide real-time solutions for merchants & customers. Integration of all new blockchain based technologies and upcoming currencies is our aim to develop the RIPPLE BYTE ecosystem.
Technical Development
As a part of the open source innovation, The RIPPLE BYTE Foundation is eventually committable to deliver secure, reliable and compatible platform to an open source community. Our highly skilled development team has capability to enhance payment ecosystem with more reliability.
The developers and third party services gets an unlimited independency to create & develop their applications on top of the RIPPLE BYTE Blockchain. It also integrates on-chain and off-chain data through technical and conceptual innovation.
Read Also: What is Ripple Byte?
Business Development
The RIPPLE BYTE Foundation will reference investment banking practices to perform industry analysis and selections and to choose the appropriate industries to implement RIPPLE BYTE Coin in the businesses. Enterprises using the RIPPLE BYTE blockchain will be able to develop more applications in order to achieve the sustainable development of RIPPLE BYTE Coin. In future RIPPLE BYTE foundation will provide solutions to the Enterprise business partners to burn less transaction fees and get more business development with RIPPLE BYTE foundation.
Decentralized Financial Services
There is no central authority. This eliminates centralized overhead such as centralizing all payments at one place in big organizations. In financial terms RIPPLE BYTE Coin helps you to decentralize everything suitable for the technology. The RIPPLE BYTE foundation will provide a transparency for financial management, code management and business practices, and will maintain high standards of honesty, ethical business conduct and compliance with applicable laws, rules, and regulations.
An accounting firm has been engaged to provide financial report audit and compliance management services.
To further make the RIPPLE BYTE a truly open source community, the RIPPLE BYTE foundation will eventually distribute 80% of the total RIPPLE BYTE tokens to the community for business implementations, marketing promotions and linkages between the real world and blockchain world. The remaining 20% tokens will be allocated to the co-founder team, early backers, consultants, and development team.
