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Meet Ripple, the most practical financial network in the world
What are we, as a society, if we are not able to build solid relationships based on trust? This, and the honor should be in front of every social interaction involving human beings, including financial transactions.
As the world moves towards a more business-friendly way of doing business with cryptography, more digital, traditional banking platforms are slowly eliminating financial reach. Only those who are willing to adapt and include a more efficient payment system, which is both faster and safer, will be able to maintain the business and survive.
Ripple Price Today
The Ripple platform is one of those innovative systems. While it has been around since 2012, it continues to solidly support banks and financial institutions in an effort to provide more efficient and faster transactions that can be built around mutual trust between customers and the network.
Ripple is a project based on a small free software that pursues the development of a credit system based on the end-to-end paradigm. Each Ripple node functions as a local exchange system, so that the entire network forms a decentralized mutual bank.
In other words, the Ripple platform is a distributed social service based on the honor and trust of existing people in social networks in the real world. In this way, financial capital is based on social capital. A small version of the Ripple network would be an extension of the existing hierarchical banking system.
Ripple: an exciting and feature-rich network
To understand the role of Ripple in the crypto universe, we must evaluate its contributions to the industry. In addition to being one of the most famous digital tokens out there – also competing for second place in market share, behind Bitcoin, with options like Dash, Litecoin and Ethereum – it's also one of the most efficient payment networks for transaction finance in the planet.
Ripple technology, in fact, is better known for its digital payment protocol than for being a cryptocurrency. Since it was co-founded by Chris Larsen and Jed McCaleb in 2012, it has flourished, achieving worldwide recognition and market success through the digital currency, the XRP.
Ripple works in a decentralized platform that promotes money transfers in any form. It is open source and peer-to-peer and can work with different exchanges and currencies, physical or cryptographic, such as US dollars, yen, litecoin and bitcoin.
To function properly, Ripple implements Gateway support, which acts as a link in the trust chain between two parties who wish to make a transaction. Gateway is the credit intermediary, charged with receiving funds for public addresses managed within the Ripple platform. In Ripple, anyone can register and open a gateway that authorizes that person to be the broker for the exchange of currencies.
XRP (Ripple) is the associated cryptocurrency of the platform. It performs part of a bridge currency towards other tokens without discriminating between fiat and crypto, facilitating exchanges between different currencies.
According to David Schwartz, chief cryptographer of Ripple, today's payment systems are where email was in the early years & #.; 80. Each supplier built their own system for their customers and, if people used them differently, they could not easily interact with each other. The purpose of Ripple is to enable the connection of different payment systems together.
2012: Ripple is born
The original and intellectual authors of Ripple are Arthur Britto, David Schwartz and Ryan Fugger. They formed the Ripple Company in 2012 and released its initial version. The latest version or release was February 20, 2018.
The project is written in C ++ code, under the GNU / Linux operating systems (RHEL, CentOS, Ubuntu), Windows and OS X. We can consider Ripple as a real-time gross settlement, a currency exchange and a remittance network .
The first significant period of Ripple went from 2012 to 2013, involving OpenCoin and Ripple Labs. OpenCoin has started the development phase of a new payment protocol, called Ripple Transaction Protocol (RTXP), with Fugger's ideas, mainly transferring immediate money between two parties. At that point, the company had already created its digital currency, the XRP, in the same Bitcoin mold.
Subsequently, between 2014 and 2017, Ripple began to focus on the banking market, with Ripple Labs taking part in related projects. They experimented with an app for iPhone that allowed users to send and receive transfers between them. Since 2013, the Ripple protocol has been adopted by numerous financial institutions to offer an alternative remittance option to people.
The German bank Fidor was the first to use the Ripple network to allow cross-border payments in the first part of 2014. The American institutions Cross River Bank and CBW Bank quickly followed, and later, Ripple began working with Earthport .
From then on, success is followed, and major banking institutions, such as HSBC and Bank of America, use the Ripple protocol to perform operations in surprisingly fast times.
Ripple & # 39; s bread and butter: the consent protocol
Bitcoin, along with other well-known cryptocurrencies on the market, performs its operations with the work trial system. Others, like Nxt, use the game test; but Ripple implements the consent protocol.
The consent protocol validates the accounting balances and transactions in the network, improving overall integrity by avoiding double spending. The system will automatically eliminate malicious progress from morally obscure people who try to send a deal to multiple gateways.
In short, the protocol consists of distributed nodes that decide by consensus the hierarchical order of the transaction through a majority vote. You might think it takes a lot of time to complete. Well, five seconds are not quite a lot, right? Ripple is a decentralized platform because it does not involve any central governance or authority in any part of the process.
While the transactions are all made public in the consensus ledger, there is still anonymity because they can not be linked with the ID or the account of the persons involved. All users or gateways have a database of each registered IOU.
Discover the advantages of Ripple
The consensus that the Ripple system implements is versatile and fast enough that every day more and more banks and financial institutions adopt it as their preferred way to carry out their business operations.
Ripple provides an improvement on the traditional way banks use to work. The transactions are completed, adjusted and recorded in a few seconds, despite the high amount of traffic the platform experiences every day. This is a big improvement over, for example, the Bitcoin system, which takes an average of ten minutes to complete an operation.
Banks and traditional financial institutions can take days or even weeks to make a bank transfer and, let's face it, the delay will not cut it in our current financial reality. In addition to all this, the transaction fees in Ripple are almost non-existent: the minimum is 0.00001 XRP. This is nothing if you compare it to the costs of a cross-border payment.
Ripple, the token
The Ripple network has an associated cryptocurrency; XRP, which has the power of liquidity by acting as a bridge between other means of payment, making the exchange more convenient for all parties involved in a transaction.
Information on ripple signs
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While there are no central authorities controlling Ripple's price and behavior in the market, the correct answer to the question seems to be negative: the platform is not entirely decentralized. This does not mean that it does not succeed, as world financial institutions like Santander, Bank of America, UBS, American Express, RBC and Westpac, to name but a few, use it for operations.
Blockchain technology does not allow any parties or the network to control anything related to transactions, whereas these banks and institutions, using Ripple's distributed ledger, can charge their specified transaction fees.
People can not pre-mine XRP, unlike the cases of Ethereum and Bitcoin. They are completely decentralized platforms supported by millions of miners across the planet. No person or entity can have control over them. Ripple, managed by the Ripple company, sees its nodes managed and managed by the aforementioned financial institutions.
There is a maximum number of Ripple tokens to deliver to the world, set at the time of its launch on the market. The said number can not go higher, which means that no new XRPs have been created.
Ripple and Bitcoin: complementary differences and traits
While many people in the industry claim that Bitcoin and Ripple are competitors, it may not be exactly the case. There are some differences, though: Bitcoin implements the proof-of-work system, which is a difficult (expensive, time-consuming) data to produce but easy to verify for others. It must also meet a number of requirements. In the case of Bitcoin, it implements the Hashcash test system.
Ripple, meanwhile, uses the already explained distributed master book, the "consensus", so there are noticeable differences in the way they operate. Ripple is owned and administered by OpenCoin and the Ripple Company, while Bitcoin is a decentralized system in which no central authority exists.
Now, what would you say if we told you that the traits and features of Ripple could benefit Bitcoin users? Remember, Ripple is best known and has gained most of its international recognition, as a payment or protocol system.
Ripple can provide Bitcoins with other ways to connect with those who use other forms of currency, as it preaches accelerated transactions and greater stability. In addition, Ripple is a distributed network and therefore does not depend on a single company to manage and protect the transaction database. As a result of this scenario, users do not have to wait for the block to be confirmed.
Selena Larson of CNN Tech explains that Ripples (XRP) can not be created, or "extracted" from users as it happens with Bitcoin and other cryptocurrencies. Society has control of its destiny in this sense.
<img data-attachment-id = "8837" data-permalink = "https://smartereum.com/8835/ripple-joins-blockchain-capital-vc-fund-with-xrp-investment-worth-25-million/ ripple-joins-blockchain-capital-vc-fund-with-xrp-investment-worth-25-million-price / "data-orig-file =" https://i2.wp.com/smartereum.com/wp- content / upload / 2018/04 / Ripple-joins-Blockchain-Capital-VC-Fund-with-XRP-investment-value-25-million-price.jpg? fit = 705% 2C232 & ssl = 1 "date-orig- size = "705,232" data-comments-opened = "1" data-image-meta = "{" opening ":" 0 "," credit ":" "," camera ":" "," caption ":" " , "created_timestamp": "0", "copyright": "", "focal_length": "0", "iso": "0", "shutter_speed": "0", "title": "", "orientation" : "1"} "data-image-title =" Ripple joins Blockchain Capital VC Fund with a $ 25 million XRP investment "data-image-description =" price
Ripple is a member of Blockchain Capital VC Fund with an XRP investment of $ 25 million
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Ripple Price Prediction in 10 Years
Ripple's 10-year projection: success!
Recently, after a period of inactivity, the value of Ripple is starting to rise again. This could be your last chance to buy cheap! Experts agree that, given the popularity of the network, the well-built platform, investment interests around the world and penetration in the media and in the main company, Ripple is expected to grow in the short, medium and long term.
For beginners, experts continuously say that the possibility of Ripple ending a value close to $ 10 is very achievable. You could see the figure and you might think it's not much, but consider that it is currently less than a dollar: it would be more than ten times its real price! Imagine how much money could be made with high volume investments.
Based on current projections, most people in the business agree that the value of Ripple can go up to $ 200- $ 300 in ten years. It is in the interest of the company if the price continues to rise, because it will make XRP less volatile.
Final thoughts
In conclusion, not only is Ripple one of the most important payment and exchange networks in the sector, but it is also one of the main cryptocurrencies in a world full of resources. This is not the interesting fact: the XRP is growing and has a lot of room to grow!
Experts of experts and cryptocurrency are focusing on Ripple when they are asked for digital tokens with the greatest potential for 2019 and beyond. After Bitcoin, which is the industry leader, there is no second clear placeholder. Perhaps, we are starting to experience the rise and consolidation of Ripple.
