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The goal of the network system, according to its website, is to enable people to break free of the “walled gardens” of financial networks. For example, credit cards, banks, PayPal, and other institutions that restrict access with fees, charges for currency exchanges, and experience processing delays.
Ripple knows that not everyone has access or the capital needed for financial services. In fact, there are three billion people in the world who don’t have access to some of the most basic financial services.
They aim to cut out financial middlemen to eliminate the excess fees and costs associated with banking, payment processing, and transferring money beyond borders. Furthermore, Ripple also aims to make it easier to exchange to fiat currency.
They have implemented a network that solves these problems by creating a singular payment infrastructure system: RippleNet. (Learn more about the different components of the Ripple network here.)
They have their own network. However, the Ripple network claims interoperability on various networks. This can potentially increase the ability for efficiency and lower costs.
According to Ripple’s website, they are trying to:
“providing global financial settlement solutions to enable the world to exchange value like it already exchanges information,” instantaneously.