The cryptocurrency that has captured the third position in the world ranking is Ripple. Ripple is abbreviated as XRP. It was released in 2012. The founders of Ripple are Chris Larsen and Jed McCaleb.One of the Ripple co-founders,McCaleb left Ripple Association in 2013 and went on to develop Stellar, a hybrid blockchain. Stellar is a hard fork of Ripple
What is Ripple?
Ripple is a combination of cryptocurrency and digital transfer medium in the financial sector. Ripple Cryptocurrency is open source and works on internet protocols with a shared and public database or ledger.As we know the drawbacks of Bitcoin and Ethereum is limited blocksize and security.Ripple is built on the advanced blockchain technology that is scalable and secure. It interoperates among different networks. Ripple does not work on Proof of Work or Proof of Stake. It works on consensus protocol. Ripple wallet is publicly available in consensus ledger. Ripple supports Fiat, cryptocurrency and commodity for exchanges.
Ripple’s digital transfer allows RTGS, currency transfers and remittance network called Ripple Protocol or Ripple Transaction Protocol (RTXP). It has no third party involvement.
Products of Ripple Network
It enables you to transfer money securely and fast. It has an end to end transaction. It has no third party involvement. .The concerned banks can send messages with a timestamp for live tracking. It includes a rulebook/protocol that both the banks should approve. It is called RippleNet Advisory Board which covers all the legal details. This is beneficial for users as it reduces the transaction fees and the time taken to complete the transaction. Example: Axis Bank, Standard Chartered.
It is basically used between payment providers and other financial institutes. The initial motive is to increase liquidity cost. Example: money transfer from e-Wallet to bank.
It is for corporates, payment providers and banks that want to send payments across various networks. It has a standard interface. Payment settlements are done via a standardized set of rules (on RippleNet) for the sending of real-time, secure and traceable payments around the world. For users, this increases the transparency, security and trust value.
The confirmation time is for any transaction is 5 seconds. The subunit for Ripple is drop, and the smallest fraction of Ripple is 6 decimal. The total supply of Ripple is 1billion approximately.
Three simple steps and join the crypto world:
Register yourself on the site, Complete your KYC and follow the guideline. Your set to invest in cryptocurrency.
Exchange platforms to buy Ripple in India