Providence Plans Five Ripple Based Fintech Components

The team that launched the Ripple-based Peercover and Simple Exchange have reemerged as Providence.

Providence has come out of stealth to announce a forthcoming suite of software tools for the fintech sector.

The team intends to have a phased release of five programs that will be integrated to create the network required to sustain an enterprise.

The Providence project has been developed over the last 18 months mainly by Jared Mimms and is built on the Ripple protocol.

According to Mimms, the five components that make up Providence include:

  • Pier — a simple, easy to use asset and currency exchange, featuring over 2500 markets and 50 different currencies
  • Pecunia — a stock exchange built over the Ripple protocol
  • Paladin — a decentralized, stylized social rating system that utilizes the Ripple Protocol
  • Peercover — a P2P insurance platform that enables existing insurance brokers to be their own bosses
  • Pilgrim — a mobile application and API enabling contract credit that will work with Providence, the contract client

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Jared Mimms commented on his team’s plans

Providence will allow people to create their own self-sustaining enterprises limited by their own creativity and salesmanship. This means anyone can raise funds, anyone can invest capital, and the system enables regulatory streamlined open investment. We sincerely declare our intentions to produce economic freedom worldwide and enable the decentralized web. We value every individual as a vital part of a greater whole. As such, every individual deserves the opportunity to enterprise.

Mimms’ team launched some alpha and beta releases of their platform, which were known under the Peercover brand, Simple Exchange and Simple Stocks.

Mimms told AllCoinsNews: “We debuted our own token over Simple Stocks, raised $10,000 from the community. It included management, trade and social.”

Mimms continued:

We launched Simple Exchange with many currencies and ran a USD gateway for a while. We have a better strategy for Pier.

Mimms is confident about Providence:

Better interface, streamlined regulatory strategy, better tech (2 second confirmations, any to any market) Better, more stable financial infrastructure on Ripple

Simple Exchange earlier release
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Mimms indicated that he and his team shutdown Simple Exchange and Simple Stocks to regroup with a more comprehensive strategy. Matthew Neumeier has joined him as co-founder of Providence.

Providence is in the midst of fund raising and is looking for angel investors. They have posted their business plan and mission statement online.

Ripple is an open source payment protocol developed by Jed McCaleb to eliminate Bitcoin’s reliance on centralized exchanges, use less electrical power, conduct quicker transactions, and make payment systems communicated as easily as email systems do. The Ripple network is built on a distributed Internet protocol, consensus ledger, and a native currency know as ripples (or XRP).

Mimms has been involved with the Ripple developer community, running its online forum OpenXRPTalk and a member of McCaleb’s pre-open source Ripple group. Mimms noted “I ran OpenXRPTalk for a while with live broadcasting. We are bringing it back with a Ripple integration and new broadcaster. I was a member of Jed’s rippled git pre open source.”