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Meet Ripple, the world's most practical financial network
What are we, if we are able to build robust relationships based on trust? Human beings, including financial transactions.
Being a phased out digital financial, cryptography-protected way of doing business. Only those who are both faster and safer will be able to maintain the business and survive.
Ripple Price Today
The Ripple platform represents one of those innovative systems. While it has been around since 2012, it is still solidly backing up banking and financial institutions in order to provide more efficient and faster transactions.
Ripple is a project based on small free software that pursues the development of a system based on the end-to-end paradigm. Each Ripple node functions as a local exchange system, in such a way that the whole network forms a decentralized mutual bank.
In other words, the Ripple platform is a social network based on the honor and trust of existing people in real-world social networks. In this way, financial capital is based on social capital. A reduced version of the Ripple network would be an extension of the existing hierarchical banking system.
Ripple: an exciting, feature-rich network
To understand Ripple's place in the crypto universe, we have to value its contribution to the industry. In addition to being one of the most popular digital tokens out there – even competing for the second spot in the market share, behind Bitcoin, with options such as Dash, Litecoin, and Ethereum – it is also one of the most efficient payment networks for financial transactions in the planet.
The Ripple technology is, in fact, more widely known for its digital payment protocol for being a cryptocurrency. Since being co-founded by Chris Larsen and Jed McCaleb in 2012, it has flourished, reaching worldwide recognition and market success via the digital coin, the XRP.
Ripple functions in a decentralized platform that fosters money transfers in any form. It is open source and peer to peer, as well as with US dollars, Yen, Litecoin, and Bitcoin.
To work correctly, Ripple implements the Gateway medium, which serves as the link to the chain. Gateway is the credit intermediary, the one in charge of receiving the funds. In Ripple, anyone can open up a gateway that authorizes that person to be the middleman for exchanging currencies.
The XRP (Ripple) is the associated cryptocurrency of the platform. It performs the part of a bridge to the other tokens without discriminating between fiat and crypto, facilitating exchanges between different coins.
According to Ripple's chief cryptographer, David Schwartz, the payment systems of today are where the email was in the early 80s. Every provider built their system for their customers, they could not interact with each other. The purpose of Ripple is enabling the connection of different payment systems together.
2012: Ripple is born
Arthur Britto, David Schwartz, and Ryan Fugger. They formed the Ripple Company in 2012 and came up with the initial release. The latest version was released on February 20th, 2018.
The project is written in C ++ code, under the operating systems GNU / Linux (RHEL, CentOS, Ubuntu), Windows, and OS X. We can consider Ripple to be a real-time gross settlement, currency exchange, and remittance network.
Ripple's first significant period ranged from 2012 to 2013, involving OpenCoin and Ripple Labs. OpenCoin started the development phase of a new payment protocol, named Ripple Transaction Protocol (RTXP), with Fugger's ideas. The digital currency, the XRP, in the same mold as Bitcoin.
Later, between 2014 and 2017, Ripple began to focus on the banking market, with Ripple Labs taking part in related projects. They experimented with an iPhone app that enabled users to send and receive transfer between them. Since 2013, the Ripple Protocol has been adopted by an alternative remittance option to people.
German bank Fidor was the first to be used in the first part of 2014. American institutions Cross River Bank and CBW Bank quickly followed, and later on, Ripple started working with Earthport.
From that point on, success as, and using HSBC and Bank of America, use the Ripple protocol to perform operations in astonishingly quick times.
Ripple's bread and butter: the consensus protocol
Bitcoin, along with other renowned cryptocurrencies in the market, performs its operations with the proof-of-work system. Others, such as Nxt, use proof-of-stake; but Ripple implements the consensus protocol.
The consensus protocol validates account balances and transactions in the network, improving overall integrity by avoiding double spending. The system will automatically delete the malicious advances from the morally shady people looking to send one deal to multiple gateways.
In short, the protocol consists of distributed nodes deciding by consensus the transaction's pecking order through a majority vote. One would think that they take a lot of time to complete. Well, five seconds is not a whole lot, is it? Ripple is a decentralized platform because it does not involve any governance or central authority in any part of the process.
If the transactions are public in the consensus ledger, there is still anonymity because they can not be linked with the involved people's ID or account. All users or gateways have a database of every registered IOU.
Get to know Ripple's benefits
The consensus ledger that the ripple system implements is versatile and that they are adopting their business operations.
Ripple provides an improvement on the traditional way that banks use to work. The platform is completed, established and registered. That is a vast improvement over, say, the Bitcoin system, which takes an average of ten minutes to complete an operation.
In the current financial reality, traditional banks and financial institutions can take days, or even weeks, to perform a wire transfer. Ripple are almost non-existent: the minimum is 0.0000 XRP. That's nothing if you appear to be cross-border payment.
Ripple, the token
The Ripple network has an associated cryptocurrency; the XRP, which has the power of liquidity by serving as a bridge between other means of payment, making the exchange more comfortable for all parties involved in a transaction.
Ripple Token info
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While there are no central authorities that control Ripple's price and behavior in the market, the right answer to the question is not: the platform is not entirely decentralized. That does not mean, as Santander, Bank of America, UBS, American Express, RBC, and Westpac, just to name a few, use it for operations.
The blockchain technology does not allow any party or the same network to control anything regarding transactions, these banks and institutions, using the Ripple's distributed ledger.
People can not pre-mine XRPs, unlike the cases of Ethereum and Bitcoin. They are fully decentralized backed by millions of miners all around the planet. No person or entity can have control over them. Ripple, administrated by the Ripple company, sees its nodes handled and managed by the mentioned financial institutions.
This is a maximum number of issues in the world. XRPs being created.
Ripple and Bitcoin: differences and complementary traits
While numerous people within the industry are those of Bitcoin and Ripple competitors, that may not be precisely the case. There are some differences, though: Bitcoin implements the proof-of-work system to produce but easy for others to verify. It has to satisfy a set of requirements, too. In the case of Bitcoin, it implements the Hashcash proof of work system.
Ripple, meanwhile, uses the already explained distributed ledger, the "consensus" one, so there are not differences in the modus operandi. Ripple is owned and managed by OpenCoin and the Ripple Company, whereas Bitcoin is a decentralized system in which there are no central authorities.
What is Bitcoin users? Remember, Ripple is best known and has most of its international recognition, as a payment system or protocol.
Can be provided with other forms of currency, as well as with On top of that, Ripple is a network and therefore does not depend on the database. As a result of that scenario, users do not have to wait for block confirmations.
Selena Larson of CNN Techniques that Ripples (XRP) can not be created, or "mined," by users as it happens with Bitcoin and other cryptocurrencies. The company has control of its destiny in that regard.
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Ripple joins Blockchain Capital VC Fund with XRP investment worth $ 25 million price
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Ripple Price Prediction in 10 Years
Ripple's 10 year projection: success!
After a period of time, Ripple's value is starting to go up again. This may be your last chance to buy on the cheap! Experts agree upon the well-built platform, the world is investing in the media and the mainstream society.
For starters, pundits continually say that the possibility of Ripple ending at value nearing $ 10 is very much attainable. But you can not wait for the price, but consider that it is currently at less than a dollar. Imagine how much money could be made with high volume investments.
Based on current projections, most people agree that Ripple's value can go up to the $ 200- $ 300 range in ten years. It is in the company if the price continues to rise, because it will make XRP less volatile.
Final thoughts
In conclusion, not only is this a prominent cryptocurrency in a world full of them. It is not the interesting fact about it: the XRP is trending up, and has tons of room to grow!
Pundits and cryptocurrency pointers at Ripple when they are asked about the digital tokens with the most potential for 2019 and beyond. After Bitcoin, which is the industry's leader, there is no clear-cut second placeholder. Maybe we are starting to experience the rise and consolidation of Ripple.
