Ripple is a currency exchange, remittance network, and cryptocurrency. Ripple aims to create a system whereby users can instantly send financial transactions internationally at almost no cost. Ripple supports several units of value that represent fiat currency, cryptocurrencies, or even mobile minutes and frequent flyer miles. The advantages of Ripple’s distributed ledger have led significant banks around the globe to use their systems.
Ripplepay, the predecessor of Ripple, was created in 2004 by Canadian web developer, Ryan Fugger. He wanted to provide a decentralized monetary system that could allow for individuals and communities to develop their own currencies.
In 2011, Ripple was taken to the next level when Jed McCaleb sought out to develop a consensus-based verification method. This is also commonly referred to as the proof-of-work system. It would act as a significant differentiator among many active cryptocurrencies which lead today’s market. This verification method would use less energy than many companies since “mining” would not be necessary. Also, the technique would make transaction times much quicker than cryptocurrencies like Bitcoin. Another appealing feature of Ripple’s consensus protocol is that it prevents double spending by allowing account balances to be deployed in their networks.
Business executive and investor, Chris Larsen, teamed up with McCaleb in 2012 to propose further plans for the digital currency. Shortly after, Fugger passed along the torch to Larsen and McCaleb. They continued to construct OpenCoin and later on, Ripple Labs. The Ripple Transaction Protocol was then put into place. This proved as the catalyst for Ripple’s ability to facilitate an instant and direct transfer of funds.
Ripple is an open-source cryptocurrency based on a private blockchain. This permission-based cryptocurrency sets itself apart from other companies in the space in several ways. Many significant cryptocurrencies are often decentralized, meaning that almost anyone can access or “mine” them. Ripple transactions are completed through a central blockchain, however. Essentially, no more XRP can ever be mined. The coins that are currently in existence makeup all that is and will ever be available to the market. Banks and financial institutions are reaping the benefits of Ripple systems by being able to communicate with one another directly. However, many voices in the industry criticize their potential for central authority.
Ripple’s native token is known as XRP and is a decentralized digital asset. XRP has a transaction time between three and four seconds, making it notably quicker than other popular cryptocurrencies. It can also handle a load of 1,500 transactions every second. Fractions of the XRP token are called “drops” and can be divided into tiny sections that equal one whole XRP. While XRP is Ripple’s only native currency, users are not required to use the token as a means of exchange. They are required, however, to hold a small amount of the token to protect against spam. A total of 100 billion XRP tokens were released. 20 billion of these tokens were retained by the creators of Ripple and Ripple Labs. The company experienced a fair amount of criticism for having “pre-mined” tokens. XRP distribution can be tracked on the Ripple charts website.
While most cryptocurrency exchanges will allow you to buy Ripple coin, not all of them do. Recommended exchanges include Bitstamp and Kraken, but other trusted sites are Binance and Bitsane. Also, you’ll need a Ripple wallet. A hardware wallet like the Ledger Nano S is a popular option. Other common digital XRP wallets are Toast and Abra. Be sure to do your research to store Ripple securely. Security is never something that should be taken lightly.
Ripple currently sits at number three in the cryptocurrency market capitalization. XRP is highly sought after due to its opportunities for real-life application, particularly for banks. This contradicts the functionality of many other altcoins on the market.
Source: bitcoinist - 17 minutes ago
Twitter community members are arguing about which international payment system is better – Ripple or PayPal. Is Ripple Slower than PayPal? The argument started with a tweet from Tony Vays, a derivatives traders and host of a crypto-related podcast and dedicated events. He indirectly criticized Ripple for being too slow by comparing it to PayPal, a global online payment system that operates with fiat currencies. Wake me up when $XRP is faster than @PayPal, until
Source: ambcrypto - 38 minutes ago
Ripple's aggressive marketing and partnership strategy, in addition to the banking sector, has branched out into other fields as well, with its University Blockchain Research Initiative (UBRI) aiming The post Kyoto University becomes Japan's first Uni to run XRPL validator appeared first on AMBCrypto.
Source: coingape - 1 hour ago
Ethereum, the second-largest cryptocurrency after Bitcoin, continues to be among the favorites of both investors and developers. It was surpassed by XRP briefly in 2016 [...]The post 3 Reasons Why Ethereum [ETH] May Hit the Moon in 2020 appeared first on Coingape.
Source: ambcrypto - 1 hour ago
Despite significant bearish movements in recent times, XRP has been fighting against the downward pressure, bouncing off support lines to reach a valuation of around $0.27, at press time. With a markeThe post XRP could breach pennant to fall to $0.25 before the weekend appeared first on AMBCrypto.
Source: cryptonewsz - 1 hour ago
Ripple has traced an impulse pattern over the last 4 hours XRP coin has recently formed a bullish trendline though seems far away from $0.28 price mark The technical indicators give a positive outlook while the coin is range-bound below $0.30 since long Ripple is facing hardships these days to pace up its price asThe post Ripple Tested Support Level near $0.26; Regains Stability above $0.27 appeared first on CryptoNewsZ.
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