Ripple Coin and its emergence
January 17, 2018 6:47 am,
With the world advancing in technology, we have to get our fingertips ready for what is to come. Everyone has heard about the blockchain technology and the smart contracts, but did you know that there are different types of cryptocurrencies? Ripple is one such currency. It has been accepted by several banks as a legitimate money transfer system but despite that, its platform is very complex to be understood. It has been almost 5 years since the initial release of Ripple knowing that its authors are Arthur Britto, David Schwartz, and Ryan Fugger. The Ripple Network can operate without the Ripple Company.
Now, let’s talk about what it really is. Ripple uses a cryptocurrency called XRP with the maximum 100 billion XRP. The goal of Ripple is to be a global settlement network which would provide a common platform to anyone allowing them to transfer their money in any currency into any other currency in a matter of seconds. But to those who might have a little or any kind of trouble, Ripple has proposed the alternative to use the XRP as a common currency for all money transfers between different currencies, USD being the most common one.
One of the biggest advantages is that not only are the transaction fees much lower for the conversion of one currency to XRP and vice a versa but it take ONLY 4 seconds for it to execute. Not all the 100 billion XRP are released into the market at one go, they are released into the market every month to avoid flooding so, there is no use of mining as there is nothing of value to be added – which is unlike in more traditional cryptocurrencies. Even though XRP is a long way from being widely accepted as coins like Ethereum, it had always aimed to be used in order to make fiat money transfers easier, faster and more secure.
Now, It plans to improve the lack of decentralization from which the platform is currently suffering from. The future of it depends entirely on the adoption of the platform by other users and its frequency. Not a lot of banks have accepted Ripple yet, but it is progressively increasing.