Beginner’s Guide to Ripple, the World’s Fastest Cryptocurrency & Global Payment Technology
What is Ripple?
In the world of digital money and blockchain technology, Ripple refers to four things:
- XRP, a cryptocurrency and digital asset
- RippleNet, a global network of banks using Ripple’s financial technology
- RippleNet’s distributed financial technology (xCurrent, xRapid and xVia)
- Ripple, the company that created XRP and RippleNet
What is Ripple XRP?
Established in 2012, Ripple XRP is a digital currency used for making fast and reliable international payments. It was built as a digital asset for large companies and businesses, including banks and payment providers, to send money across borders in real time within seconds.
Ripple XRP vs Bitcoin BTC
Payments using Ripple take less than 5 seconds to settle, whereas Bitcoin takes around 1 hour, and traditional banking systems take 3 to 5 days.
Ripple claims to handle 1500 transactions per second, whereas the Bitcoin network processes an average of 5 transactions per second at present.
Ripple operates using a negligible amount of energy, unlike Bitcoin mining which uses a whooping amount of electricity.
Ripple XRP’s transaction cost is $0.0004, whereas Bitcoin’s ranges from $5 to $20.
Ripple XRP’s current price is around $2, and Bitcoin is currently valued at approximately $13,800.
Where to buy Ripple XRP?
You can purchase Ripple XRP via the following exchanges:
- Bitstamp (UK, USA, Europe)
- Gatehub (London, UK)
- Kraken (San Francisco, USA)
- Korbit (Korea)
- Binance (Hong Kong, Tokyo)
What is RippleNet?
RippleNet is a decentralized global network of banks and payment providers using Ripple’s distributed financial technology, which provides real-time messaging, clearing and settlement of financial transactions.
RippleNet is also known as the first commercially operational blockchain network. RippleNet connects banks, payment providers, digital asset exchanges and companies, and enables them to send money globally via the following three products (solutions):
xCurrent is used for processing real-time payments between banks with increased speed, transparency and efficiency.
xRapid helps “source on demand liquidity” which means it can instantly convert digital assets into cash to facilitate foreign exchanges and trade transactions between banks.
xVia enables banks and companies to send payments globally.
What are Ripple’s Rulebook and Advisory Board?
The Ripple Rulebook is a set of criteria which RippleNet participants must adhere to, upon signing an agreement to implement the payment rules and standards outlined in the Rulebook. Banks and institutions aren’t allowed to join the network without signing the agreement.
RippleNet’s Advisory Board is made up of representatives from global banks whose purpose is to make sure that the content in the Rulebook aligns with the goals and needs of today’s banks and customers.
About the Ripple company
Ripple has offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg. The company’s vision is to “enable the world to move value like it moves information today”.
Ripple has more than 100 customers around the world, including Santander, the first UK bank to use xCurrent for real-time cross-border payments.