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I participated in writing a money transfer service. There's a number of steps, and the actual transfer is just one of them. There can be multiple identity verif
by nwah1 9y ago
I participated in writing a money transfer service. There's a number of steps, and the actual transfer is just one of them. There can be multiple identity verification checks, and bank authorizations. Each bank has their own internal API, etc. Sometimes their API is just randomly down, if it is some terrible foreign bank.
I know for a fact that Bitcoin's transaction time is not "real time," so why would Ripple's be?
- lojack 9y agoBecause bitcoin relies on proof of work in order to determine consensus. Usually vendors require X confirmations, and confirmations happen every 10 minutes of so (every time a block is mined). Ripple doesn't use proof of work, it relies on a web of trust. So, in order to transfer money from Bank A to Bank B, it relies on Bank A to have some path to Bank B that is trusted. If Bank A and Bank B don't trust each other, but both trust Bank C, then the money is routed through Bank C. Not sure what you mean by identity verification, if you're talking about for the customers, then they'd still need to have their identity verified at the bank (for purposes of Ripple, a bank is a ripple Gateway, but not all gateways are banks). Honestly, I'm an armchair expert in money transfer systems -- pretty familiar with Ripple, but less familiar with other systems.