XRP Ledger or simply XRP (formerly known as Ripple)[1]​[2]​[3]​ is a free software project and a payment protocol that aims to develop a credit system based on the "peer-to-peer" paradigm. Each node in the network operates as a local exchange system, so the entire system forms a decentralized mutual bank. Some believe that if implemented to its fullest extent, this network would constitute a decentralized social networking service based on honor and trust among its participants on a global level (in this way, its financial capital is supported by social capital). A reduced version of the network would consist of an extension of the traditional banking system in which there would be alternative payment routes that would not depend on central banks.