> Ripple

Ripple

Ripple is both a cryptocurrency (XRP) and a blockchain-based digital network for payments and other financial transactions.Its mining process differs from the rest as it uses a consensus mechanism to confirm its transactions which is supported by a group of bank-owned servers.These transactions are much more energy-efficient than, for example, bitcoin, take less time to confirm and have lower transactional costs. In terms of market capitalization, Ripple is currently sitting in the top 5.Ripple ExplainedRipple was born in 2004 as a money transfer platform. Its origingal name was RipplePay and its original developer was Ryan Fugger. Since then, Ripple was heavily influenced by people like Arthur Britto, David Schwartz, Chris Larsen and Jed McCaleb, today considered to be the co-founders of XRP. Ripple, as we know it, was released in 2012.How Ripple operatesRipple is an open-source, peer-to-peer, decentralized platform which main process is, to put it in simple terms, very similar to the SWIFT system which is used by banks and operates on international money transfers. As such, Ripple serves as an intermediary of exchange between two currencies or networks.By relying on a consensus protocol, its network differs from other’s such as bitcoin which runs a PoW (proof-of-work) or Cardano, which operates on a PoS (proof-of-stake).XRP: Ripple’s Digital CurrencyXRP works much like a bridge between other currencies and uses Gateway as a credit intermediary.People theorize that XRP was mainly intended to be used by banks as it is highly efficient in settling money transfers in real time and it doesn’t discriminate between crypto and fiat currencies, but given its widespread success, it has earned its claim of being the “Internet of Value”.A look under the Ripple brand umbrellaRipple basically divides itself in four branches:1. RippleNet: a global network in which money can be transfered2. XRP Ledger: the open source blockchain3. Ripple X: a platform for blockchain-based solutions and which focuses on value-transfer-based cases4. XRP Coin

Ripple is both a cryptocurrency (XRP) and a blockchain-based digital network for payments and other financial transactions.

Its mining process differs from the rest as it uses a consensus mechanism to confirm its transactions which is supported by a group of bank-owned servers.

These transactions are much more energy-efficient than, for example, bitcoin, take less time to confirm and have lower transactional costs. In terms of market capitalization, Ripple is currently sitting in the top 5.

Ripple Explained

Ripple was born in 2004 as a money transfer platform. Its origingal name was RipplePay and its original developer was Ryan Fugger.

Since then, Ripple was heavily influenced by people like Arthur Britto, David Schwartz, Chris Larsen and Jed McCaleb, today considered to be the co-founders of XRP. Ripple, as we know it, was released in 2012.

How Ripple operates

Ripple is an open-source, peer-to-peer, decentralized platform which main process is, to put it in simple terms, very similar to the SWIFT system which is used by banks and operates on international money transfers.

As such, Ripple serves as an intermediary of exchange between two currencies or networks.

By relying on a consensus protocol, its network differs from other’s such as bitcoin which runs a PoW (proof-of-work) or Cardano, which operates on a PoS (proof-of-stake).

XRP: Ripple’s Digital Currency

XRP works much like a bridge between other currencies and uses Gateway as a credit intermediary.

People theorize that XRP was mainly intended to be used by banks as it is highly efficient in settling money transfers in real time and it doesn’t discriminate between crypto and fiat currencies, but given its widespread success, it has earned its claim of being the “Internet of Value”.