An Overview About RIPPLE

The Blockchain 999
Sep 8, 2018 · 4 min read

Let’s find out what Ripple is

Ripple coin (XRP) is a real-time payment system (RTGS) or Ripple Transaction Protocol (RTXP) or Ripple Protocol. It’s an open source distribution system that is in the beta stage. Many people still think that ripple is the generic name of a digital electronic money. The ripple network was launched in 2012 with the goal of making it easy for people to use banking, paypal, credit cards or financial institutions at an extremely low cost with a fast speed. Ripple uses blockchain chaining technology similar to the Bitcoin virtual currency, which helps accelerate the pace of financial transactions between banks.

Ripple development team

Ripple coin / protocol was developed and developed by OpenCoin, which : Chris Larsen is chief executive officer and chief technology officer Jed McCaleb. Larsen is the co-founder and also the chief financial officer of E-LOAN and finally, McCaleb is from Mt. Gox. Plus, many other members of the Ripple are experts in virtual currency research, especially they are very knowledgeable about the Bitcoin platform.

Is Ripple a replicate of Bitcoin ?

It’s a sure thing that while learning about Ripple, many people will wonder is Ripple the same with Bitcoin virtual currency? The answer is “they have some mutual points “. For example, the XRP unit of the Ripple is a digital based pre-type that works on mathematical formulas and limited release quantities. Both Bitcoin and Ripple use peer-to-peer P2P networks, which means that transactions do not require third party interference. Along with that, the anti-counterfeiting or inflation of these two currencies is similar.

However, the reason of Ripple being created was to support Bitcoin, not to become a competitor. The Ripple network is designed to serve currency transfers seamlessly, whether it’s any of the national currencies: USD, British Pound, Euro or even Bitcoin.
XRP is a distributed network so it does not depend on any company or organization to manage, so the data and transaction information are guaranteed to be safe, without waiting for confirmation that can go over the network quickly.

Ripple’s rating

According to the developers of Ripple, there will be about 100 billion XRPs released, half will be held by the company, the other half will be circulated in the market. When KriptoA were writing this article, the price of the Ripple is $ 0.167788 and has a total market capitalization of more than $ 6 billion, which is more than 3 million BTC.

The Price Of Ripple

If you are interested in this type of currency, you can monitor the rate of Ripple in every single day to understand the price fluctuation of it. Keeping update the latest news about ripple or Bitcoin, as the ripple price will be directly affected by such market information as well as Bitcoin pricing.

The attraction of Ripple to large banks all around the world

Talking about partners of Ripple, we can give you some big names such as Google, IDG Capital Partners, Anderssen or AME Cloud Ventures. Ripple has so far reached $ 93 million- an extremely impressive number for a start-up company set up in 2012. According to the Coindesk site, the amount of money Ripple is ranked 4th in the segment of the Bitcoin and Bitcoin Services. The value of the Ripple has increased by more than 25% after announcing that it had raised $ 55 million- Forrtune magazine .

Ripple’s global high-fly

Ripple’s Ceo- Mr. Chris Larsen, said that RIpple is rapidly allocating funds to global stature plans.
Here’s a his answer in the interview with CNBC:

“We are expanding the areas where we have offices. Ripple wants to expand further and develop capabilities for new groups. We are rushing to recruit more, and increase the number of programmers to work directly with partner banks in their own country. Only then can we offer the best solutions to our partners. “
Following the newly established office in Luxemburg, the next destination that Ripple is targeting is Frankfurt (Germany) and Singapore and many other destinations. We have chosen these two sayings from Chris Larsen in order to help you understand more about his ambition :

Luxembourg Prime Minister Mr.Xavier Bettel (left side) visits Ripple’s newly opened office

“Once networked devices are on the increase period, in the internet age, small payments across borders will increase” “ Banks will need Ripples to solve their problems “ .

He also said that they are starting to implement a plan to help smaller startup groups in the same field with the goal of global development.

After reading this, we hope you will understand more about Ripple, hope you have a good day !

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade