ALBA Whitepaper

ALBA is a cryptocurrency designed for people living in Scotland, to replace the pound after a YES vote in October 2023. 

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ALBA is built on the XRP ledger, after testing multiple ledgers. Here are the most important things we believe a CBDC should have. 

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Liquidity

The primary use case of Ripple and XRP is to provide a cross border solution for international payments. Ripple are replacing SWIFT. SWIFT handle trillions of dollars worth of volume per year and when XRP replace SWIFT, ALBA will be able to benefit from the additional users and liquidity that will come from Ripple's success. 

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Speed

Speed is important for a Scottish currency and, once the trustline is set up, Scottish businesses can accept ALBA payments in less than 3 seconds.

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Cross Border Payments

It's important for Scottish businesses and citizens to be able to trade their ALBA into other currencies when they travel abroad or do business abroad. Thanks to XRP, this can be done in a matter of seconds. All users need to do is trade their ALBA for XRP and then trade their XRP for another country's CBDC. 

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Trustlines

Trustlines are important because they establish trust between ALBA Bank and the user. On XRP ledger, we cannot send ALBA to anyone that doesn't want to receive it. We experimented with other ledgers that did not use trust lines, and users complained about receiving an unknown currency. This causes problems and arguments within a community, XRPL doesn't have this issue. 

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Government

We have kept 20% of the ALBA supply for essential government services. This will be used to fund the government for many years, without needing to mint more ALBA.

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Banking

We have kept 20% of the ALBA supply for banking. This means that we can send ALBA to major banks and they will be able to provide ALBA in proportion to the amount of pounds the customer holds in their account. Banks will be able to tokenise ALBA on their own system in proportion to the amount of XRPL ALBA they hold. This means fast payments can be made the same as they are made now with the pound, via the banking app.