Differences between Ripple [XRP] and other cryptocurrencies

Ripple is fundamentally different from other cryptocurrencies. Sometimes it seems hard to tell if Ripple is a coin or a network. Well, apparently Ripple is both a currency and a network. Ripple is the native currency of the XRP ledger.

RippleNet

The Ripple Network, or RippleNet, is an open source protocol that was designed to build a digital payment network for use by financial institutions. These include banks and payment providers.

The advantages of RippleNet include its easily accessible features, its ability to provide instant transactions rather than the common delays in traditional methods and an incredibly low XRP transaction fee.

The network provides efficient solutions to the world's cross-border payment systems through a single global network.

Ripple XRP

XRP is a token that is used to represent the transfer of value through RippleNet. XRP stands as a mediator for cryptocurrency and other fiat exchanges. Likewise, banks use the US dollar as a mediator, even Ripple is a mediator, but much cheaper than the dollar.

Unlike other major cryptocurrencies like Bitcoin is Ethereum, Ripple offers an extremely fast transaction time. An average transaction takes about 4 seconds. Furthermore, XRP has the ability to be traded with any currency or value with a unified minimum commission.

Ripple and other Cryptos

Ripple is a currency exchange payment system for banks. On the other hand, a currency like Bitcoin is a digital currency intended only as a means of payment for goods and services.

NEM It is a widely promoted cryptocurrency that accompanies many new functions, but XRP nevertheless exceeds it. Despite some similarities, in the sense that both provide maximum information security, they exceed the XRPs NEM in the amount of transaction fees charged. XRP has a number of banks and financial institutions that use its network.

Ethereum and XRP also do not have much in common. While XRP deals with cross-currency payment systems, Ethereum is software for creating smart contracts and decentralized apps. Another important distinction is the fact that Ethereum is extracted. Prior to its implementation in 2011, XRP had been pre-mined.

Ripple has a very high processing power and can handle around 50,000 transactions per second. This feature also distinguishes Ripple from other Cryptos today.