What is Ripple?
The goal of Ripple is to be a global settlement network, a platform to allow anyone to transfer money in any currency to any currency in a matter of seconds. This is an ambitious goal meant to eliminate the use of older systems like Western Union or SWIFT. Ripple is real-time gross settlement system (RTGS), currency exchange by Ripple. It is also called the Ripple Transaction Protocol (RTXP) or Ripple protocol. Buy Ripple (XRP) India with BuyBitcoin.
It is built upon a distributed open source Internet protocol, ledger and cryptocurrency called XRP (ripples). Ripple enables Secure, fast, instant and free global financial transactions of any size with no chargebacks. The digital currency XRP acts as a bridge currency to other currencies. It supports tokens that represent fiat currency, cryptocurrency.
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It is based on a shared, public database which uses a process that allows for payments, exchanges and remittance in a distributed process. It is fastest and most scalable Digital Asset in the world. Ripple is a very popular network as many banks across the world use it as the basis for their own settlement.
History of Ripple
Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first developed in 2004 by Ryan Fugger, a web developer in Vancouver, British Columbia. Fugger conceived of the idea after working on a local exchange trading system in Vancouver with his intent to create a decentralized monetary system that effectively allows individuals and communities to create their own money.
This led to the conception of a new system by Jed McCaleb of eDonkey network, which was designed and built by Arthur Britto and David Schwartz In May 2011, the development of a digital currency system begins in which transactions were verified by consensus among members of the network, rather than by the mining process used by bitcoin, which relies on blockchain ledgers.
This new version of the Ripple system was designed to eliminate bitcoin’s reliance on centralized exchanges, It uses less electricity than bitcoin and performs transactions much more quickly than bitcoin. Chris Larsen founded the lending services companies E-Loan and prosper, joined the team in August 2012 and together McCaleb and Larsen approached Ryan Fugger with their digital currency idea. In September 2012 the team co-founded the corporation OpenCoin, or OpenCoin Inc. launched Ripple.
Features of Ripple
Banks are now accepting Ripple coins: The digital currencies do not have any physical appearance due to this the financial institutes like a bank does not accept it. Even the digital currency like Bitcoin is not acceptable by most of the banks around the world. Ripple is different. The XRP has been accepted by many known banks around the world. The Santander (a UK based bank) was the first who accepted this coin. There are more than 75 international banks who are accepting Ripple as a currency.
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It is the third most popular digital currency: The digital currencies are becoming popular day by day. Investors are investing billions of money in this.After Bitcoin and Ethereum, Ripple is the third most popular currency. As an investor point of view, the chances of profits are high.
- XRP can be sent anywhere around the world:
- XRP has been accepted by many banks in different countries. This makes it easy for its investors to transfer it in another part of the world within seconds or exchange You do not need to wait for the specific price to exchange or convert your ripple coin in any other currency.
- Ripple has an impressive list of investors:
- Ripple is a startup which has been financed by different investors. Since the value of Ripple is increasing, Google also invested in this and many other popular and known companies also decided to invest in this venture capital in coming months. This gives Ripple an authority to invest and build trust for their investors.
Current Acceptance of Ripple in the World
Ripple is the only blockchain payments provider with proven commercial deployments. Popular financial institutions like MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com adopted the Ripple for payments because of the reduced time and cost associated with global transactions. BBVA, one of the top 50 largest banks in the world, is using Ripple to enable real-time payments between Europe and Mexico.
Digital banking pioneer and one of Turkey’s largest private banks, Akbank, is the first bank in Turkey to adopt blockchain. Cambridge Global Payments and Earthport are collaborating with Ripple to improve the customer experience, increase the reach and reduce the cost of real-time cross-border payments.
How is Ripple different from bitcoin?
The Ripple coin and the Ripple Network have various advantages over bitcoin as they have been built with slightly different purposes in mind.
- Fast and cheap
Ripple transaction processing only takes four seconds since it’s significantly less active compared to bitcoin. This has the added bonus of cheaper transaction fees, whereas the price for bitcoin transactions has been on the rise lately as more people adopt the platform.
All the 100 billion XRP that it’s possible to use on the platform already exist. While they’re not all on the market – a few are released into the market every month to avoid flooding – there is no use mining as there is nothing of value to be added, unlike in more traditional cryptocurrencies.
- Bank acceptance
The Ripple platform and coin being accepted by banks gives the process legitimacy and, at least from an investor’s standpoint, can be a little more reassuring. This is not the case with bitcoin and other currencies as they are seen as competition by the banks.
What’s next for Ripple?
The company behind Ripple plans, as a priority, to improve the lack of decentralization from which the platform is currently suffering. By adding more trusted validator nodes, the company plans to shake off the image that it’s just another central bank controlling the Ripple currency.
With that said, the future of Ripple depends entirely on the adoption of the platform by banks and that’s where the focus of the people behind Ripple inevitably needs to be. As more banks join the network, the price of XRP will probably skyrocket, driving more people to the coin and enticing banks to join the platform.
Without banks the platform would likely die, and so will the investors attempting to push it forward. Luckily, that doesn’t seem to be the future of this currency.
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