XRP is one of the most contentious projects in the digital asset industry. It is one of the oldest projects and largest in terms of network value, trailing only Bitcoin and Ethereum. This contentiousness is a result of differing philosophical beliefs about decentralization and the value of censorship-resistance. The debate can be summed up by the fact that the XRP digital asset was created and continues to be largely maintained by a central organization, Ripple Labs. This structure is in direct opposition to the open source ethos espoused by the cryptocurrency community at large. So, while XRP is technically a cryptocurrency, it is not decentralized like most. We think it is helpful to think of Ripple Labs as an enterprise software company that has developed interfaces and APIs for financial institutions that in some, but not all cases, use the XRP digital asset. Its current product offerings include xCurrent, a financial institution messaging system like SWIFT, xRapid, a real-time payment platform that uses the XRP digital asset, and xVia, an upcoming payments interface that targets emerging markets. Financial institutions that use these assets make up RippleNet, the interconnected network of market participants.