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After Bitcoin proved itself as a potential currency, other cryptocurrencies also began to raise funds to overthrow its throne. Among the top two cryptocurrencies by market capitalization (Bitcoin and Ethereum), the third largest currency is Ripple. It was originally the name of the company responsible for creating and transferring global payments using XRP. The system can release all walled gardens formed by the financial network through currency exchange, processing delays and fee structures.
The Ripple platform was created to provide users with the ability to transfer amounts in different currencies from anywhere in the world within minutes. This is one of the grand goals aimed at reducing the need for older systems like SWIFT or Western Union.
Very few terms related to Ripple
XRP: It is the name of a digital currency that facilitates transactions on the Ripple network. In addition to acting as a bridge between two currencies, it can also act as a source of liquidity when needed. XRP is an open source blockchain that runs on the interface of a peer server. At the same time, it belongs to the asset class of the XRP ledger.
Ripple: This is an American technology company that designs open coins, also known as Ripple Payment Protocol (RPP) and the network. Prior to Ripple, it was originally traded as Ripple Labs.
RippleNet: This is Ripple’s network of institutional payment providers, such as currency services or banks around the world. It unites various payment networks such as digital asset exchanges, banks, corporate entities and payment providers, and accepts cryptocurrencies and fiat currencies.
The current methods used to send money internationally to different countries are outdated. In addition, Ripple addresses this issue and plans to collaborate with the global financial system and provide solutions through the blockchain. By tracking Ripple’s global network, financial institutions can cost-effectively, reliably and instantly process user payments from around the world.
Ripple was originally created for everyday payments, so it is designed to be more secure than Bitcoin. Therefore, transactions are cheap and fast. They can be exchanged for any value or currency (such as gold) with a uniformly low commission.
Bitcoin and ripples:
Bitcoin is a cryptocurrency with the highest market value, which is clearly a comparison when discussing other cryptocurrencies. Also, there are many differences between Ripple and Bitcoin.
Few noteworthy approaches are Ripple’s marketing approach, especially in terms of transaction speed.
Secondly, it has to do with the amount of time a transaction can take. The risk involved with extreme bitcoin is that the amount cannot be equal to the amount originally invested. Bitcoin is completely decentralized because its sole purpose was to provide financial transactions without any third party involvement. Instead, Ripple sells its services to financial institutions and banks. As with most currencies, XRP is controlled by the organization and is therefore more centralized.
In addition, Bitcoin’s sole purpose is to serve entirely new financial institutions. On the other hand, Ripple with virtual tokens can help asset transfers and seek to support its surviving financial network and the ability to update global transactions.
Finally, Ripple is a cryptocurrency designed for the financial industry or banks. Banks can use the Ripple network to make payments faster and cheaper in different countries. This ripple is a blockchain system in which all information is transparent and immutable. Ripple’s only drawback is centralization, but this is one of the popular cryptocurrencies.