1 What is Ripple?

2 History of Ripple?

3 How Does Ripple Work?

4  Ripple as a Transaction For Currency

5 How is Ripple different from Bitcoin?

6 Advantages of Ripple (XRP) cryptocurrency

7 Dis-Advantages of Ripple(XRP) cryptocurrency

8 Conclusion

  • The payment network and protocol known as Ripple were created by Arthur Britto, David Schwartz, and Ryan Fugger. It was created and made available in 2012 by the same-named firm to facilitate “secure, quick, and free global financial transactions.”Many people classify it as a cryptocurrency since it is based on ideas very similar to Bitcoin’s. However, unlike Bitcoin, the source code of Ripple’s technology is owned privately by the business, which means it cannot be verified by anyone else. The network operates without the Ripple Company. Organisations, Internet Service Providers(ISPs) and the Massachusetts College of Technology are some of the validators. A lot of banks utilise Ripple as the foundation for their settlement infrastructure, and for the past several years, its native coin, XRP (ripples), has continuously been in the top 5 cryptocurrencies by market value.
  • Ripple is an extremely well-known network. By market capitalization, Ripple(XRP) is currently one of the biggest cryptocurrency platforms. However, Ripple Labs, a company that invented Ripple and its native cryptocurrency token XRP, had been since 2012 and was one the first innovators in the blockchain industry, earlier than the Ethereum network and even before Bitcoin.XRP was created as a bridge currency to help with financial transactions and the network was created to be faster, cheaper, and more scalable than Bitcoin. The blockchain ledger is centralised, and there is no XRP mining since the XRP digital token is specifically designed to meet the needs of banks and other financial companies as a reliable worldwide payment system.
  • Ripple is a digital currency system in which transactions are verified by consensus on the network, rather than the mining method utilised by Bitcoin, which is based on blockchain ledgers. As an outcome, this new version of the Ripple system was meant to eliminate Bitcoin’s requirement on centralised exchanges, consume less electricity than Bitcoins, and process transactions significantly faster than cryptocurrency. Ripple Transaction Protocol (RTXP) allows for the direct and instant sending of money between two parties. Therefore, the protocol may reduce the costs and wait times associated with the traditional banking system, among which any currencies, including USD, euros, RMB, yen, gold, airline miles, and rupees, can be exchanged.
  • Ripple is built to depend on a common ledger that is “managed by a network of independent validating servers that constantly compare their transaction records” to ensure security. Servers can be owned by anyone, including banks and market makers. The company also developed its digital currency, nicknamed XRP, like bitcoin, to allow financial institutions to transfer money with minimal fees and wait time. “Ripple does for payments what SMTP did for email,” according to the Consultative Group to Assist the Poor (CGAP), “allowing the systems of different financial institutions to communicate directly.”