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What is the Bretton Woods Agreement?

The Bretton Woods Agreement, signed in 1944, outlined rules and regulations for an international monetary system. It used the price of gold to fix exchange rates for major currencies. The agreement was drawn up after World War II by the U.S. and Great Britain and established a fixed exchange rate linked to the U.S. dollar, with other countries pegging their currency to the dollar. It created the International Monetary Fund (IMF), as well as the International Bank for Reconstruction and Development (IBRD), a precursor for the modern World Bank. By the 1970s the fixed exchange rate collapsed. The Bretton Woods system ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point, for the first time in history, formal links between the major world currencies and real commodities were severed. It was replaced in 1971 by a floating exchange rate system that remains in place today. The agreement was so named because it was signed in Bretton Woods, New Hampshire.

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What is Litecoin?

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.

During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours.

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What is the Economic and Monetary Union (EMU)?

The Economic and Monetary Union (EMU) represents a major step in the integration of EU economies. Launched in 1992, EMU involves the coordination of economic and fiscal policies, a common monetary policy, and a common currency, the euro. Whilst all 28 EU Member States take part in the economic union, some countries have taken integration further and adopted the euro. Together, these countries make up the euro area.

The decision to form an Economic and Monetary Union was taken by the European Council in the Dutch city of Maastricht in December 1991, and was later enshrined in the Treaty on European Union (the Maastricht Treaty). Economic and Monetary Union takes the EU one step further in its process of economic integration, which started in 1957 when it was founded. Economic integration brings the benefits of greater size, internal efficiency and robustness to the EU economy as a whole and to the

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What is the Bundesbank?

The Deutsche Bundesbank, German for German Federal Bank, is the central bank of the Federal Republic of Germany and a member of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank (ECB) are located in Frankfurt, Germany. It is also sometimes referred to as “BUBA”. The Bundesbank was established in 1957 and succeeded the Bank Deutscher Länder, which introduced the Deutsche Mark on 20 June 1948. Until the euro was physically introduced in 2002, the Deutsche Bundesbank was the central bank of the former Deutsche Mark. The Bundesbank was greatly respected for its control of inflation through the second half of the 20th century. The Bundesbank is responsible for maintaining price stability, ensuring the orderly execution of domestic and foreign payments, and contributing to the stability of payment and clearing systems. The Bundesbank has nine regional offices throughout Germany.

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What is Ripple?

Originally released in 2012 as a subsequent iteration of Ripplepay, Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn't rely on the energy and computing intensive proof-of-work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks.

The Ripple protocol (token represented as XRP) is meant to enable the near instant and direct transfer of money between two parties. Any type of currency can be exchanged, from fiat currency to gold to even airline miles. They claim to avoid the fees and wait times of traditional banking and even cryptocurrency transactions through exchanges.

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