When I say Cryptocurrency, many thoughts start to float in your mind. Normally, we all are well aware of Cryptocurrencies. We know, what BITCOIN is and its functionality. All cryptocurrencies are virtual currencies with different ruling powers. They are designed to meet every individuals’ requirement properly. They are Decentralized, Anonymous, Easily accessible, Readily available and vice versa. Since, every token possesses a unique entity in this Crypto World, their working behaviour is also different from each other in aspects of Payment, Transaction, Durations, Rewards, Fees, etc. So, today we’re going to reveal the strength and power of “RippleNet and its digital asset XRP.”
But,
Ø Do you really know what RippleNet is meant
for?
Ø Who founded RippleNet?
Ø What role XRP play in RippleNet?
Ø What makes RippleNet different from others?
Like this, there are several questions
which every crypto enthusiast must know. So, in this blog we’ll cover these
type of questions as well as I’ll provide you in-depth knowledge regarding it.
Let’s Begin,
Ripple is an US based Private
Technology Company. It was created by Chris Larsen and Jed McCaleb in 2012.
Ripple Labs is a Computer Software Company. It is Head-quartered in San
Francisco, California, USA. So, Ripple is just a name of the company through
which RippleNet Payment Protocol was created. Ripple is also known for its;
- Currency Exchange
- Remittance
- Real-Time Gross Settlement
Ripple is a technology which is built
on Distributed Open Source Software Protocol. Open source software is like open
collaboration. All ripple accounts are stored in a common shared ledger. The
major purpose of forming Ripple was to create a global payment platform for
everyone with almost no additional cost and swift transmission.
Ripple has tied up with 300+ Financial
institutes across 40+ Countries and 6 Continents. To increase its boundaries, Ripple
is constantly improving its Software time to time.
Now, the question is;
If Ripple is a software company, then What
Is XRP?
Since, Ripple is a system which needs
a fuel to get working. So, it introduced its cryptocurrency named ‘XRP’.
XRP is a digital asset and native digital asset on the XRP Ledger. It is an Open Source, Permission less and Decentralized Blockchain Technology.
XRP is a digital asset and native digital asset on the XRP Ledger. It is an Open Source, Permission less and Decentralized Blockchain Technology.
To understand it more easily let’s
take an example;
Assume a Bank as
Ripple Lab. Now, the bank needs fuel to get into motion. So, it allows people
to invest and transact by taking a minimal charge for the service they provide.
Similarly, Ripple Lab did the same. Since, it is a Decentralized and open
source network, any exchange can come up with its ICO (Initial Coin Offering)
and introduce it to public. Ripple created its Blockchain Network and
introduced “XRP” into market. In this way cryptocurrencies are entering
markets. I hope you got your doubts clear regarding RIPPLENET and XRP.
The benefits of using XRP are;
Ø Transactions are settled within 3-5 seconds.
Ø No middleman needed.
Ø Convenient in bridging two currencies quickly
and efficiently.
Ø Unlike other cryptocurrencies, XRP is fast in
performance.
Ø Less costly as compared to other tokens.
Ø More scalable than others.
Ø XRP is ideally suited for global payments.
Ø Easily convertible into various pairs.
I hope this blog will clear most of
your queries related to RippleNet and XRP. Now, you’ve understood it very well
and will technically pronounce it with its actual Crypto Name “Ripple(XRP)”.
Altcoins
Bitcoin
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cryptocoins
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Exchange
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XRP
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