The popularity of Ripple has been upsurging in the cryptocurrency world due to its emerging features. It is termed as the powerful technology because it has the capacity to process 15,000 transactions per second. Most investors consider Ripple as the safest platform to invest because many banks are already using the Ripple network to transfer funds. It aims to power financial transactions across the globe.
Mentioned below are 10 things about Ripple you must know to build a strong transaction process in this platform in the long-run.
Ripple’s XRP is an openly-traded cryptocurrency that facilitates transactions on the RippleNet. It is considered as a bridge currency to other currencies like USD, Yen, Litecoin and Bitcoin. It has regained its position as the world’s second largest cryptocurrency by total market capitalization as of December 2018. The current Market Cap of Ripple is $12,244,700,506 and its circulating supply is 40,926,963,305 XRP.
XRP Wallet store and secure funds. You can use mobile wallet on your smartphone and its examples are Toast wallet and Abra wallet. Desktop/web wallet is an app which can be downloaded on your computer and its examples are Rippex, Exarpy and CoinPayments. Hardware XRP wallet is tamper-proof USB devices that can be used to store money offline and its example is Ledger Nano S and paper wallet which is a piece of paper, having public and private keys printed out on them.
Ripple Gateways give customers an entry into the RippleNet to transfer their funds, both cryptocurrency and traditional currency. It allows deposits in a few cryptocurrencies (BTC, XRP, LTC, NMC, PPC, SLL and NXT) and fiat currencies (USD, NZD, NOK, JPY, CNY, GBP, CHF and EUR). Each currency has its own gateway on the RippleNet eg. Canadian Dollar (CAD) has CADBluzelle, USD has USD snapswap and Bitcoin has BTC bitstamp.
How To Buy XRP
Not all cryptocurrency exchanges have Ripple’s XRP; it is limited to crypto to crypto exchanges. Some of the famous exchanges that trade XRP/LTC are Bitsane and Mr.Exchange. A few exchanges that trade XRP/ETH are Binance, Bittrex, Gatehub, OKEx, Upbit and HitBTC. Some exchanges that trade XRP/BTC are Poloniex, Huobi, Bitfinex, Kraken and CoinEgg. You can buy Ripple with USD on Cex.io, Kraken and Bitstamp. You have to sign up before buying or trading XRP on these exchanges.
RippleNet is a payment network created for banks and financial institutions. Some of the banks are Axis Bank, BBVA, MUFG, Yes Bank, SEB, eZforex and Cambridge Global Payments. It provides the single frictionless experience to transact money across the globe. Transactions are done within seconds despite frequent transactions on the network. It gives a low operational cost as well as low liquidity cost.
Ripple Protocol Consensus Algorithm (RPCA)
Ripple doesn’t work with Proof-of-Work (PoW) and Proof-of-Stack (PoS). It has its own patented technology known as Ripple Protocol Consensus Algorithm (RPCA) to verify transactions. The consensus makes sure that every node is in agreement with the rest and improves the integrity of the system as well.
Ripple Labs, an American technology company, developed XRP and RippleNet. It was co-founded in 2012 by Chris Larsen and formerly known as OpenCoin. It is a privately funded company and has six rounds of funding viz., two rounds of angel funding, one round of seed funding, two rounds of Series A funding and one round of Series B funding.
Ripple Labs provides three more solutions like xCurrent, xVia and xRapid along with XRP. xCurrent is a software used by banks to process payments for their customers. xVia enables payment providers and banks to send payments across networks in a completely transparent way. xRapid helps payment providers and other financial institutions to source their on-demand liquidity.
Ripple Can’t Be Mined
Unlike Ethereum and any other cryptocurrency, Ripple’s XRP can’t be mined because its existing single unit has already been created. It means that the currency doesn’t need to use the electricity and the computing power to generate new coins.
XRP To Go Places
The value of Ripple was around 4000% in the first half of 2017. At current, it is more than $7 billion dollars by the market capitalization. However, the future prediction for Ripple’s XRP depends upon various factors like the currency’s market capitalization, the number of investments, the system integration into banks and the technical development’s quality.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]