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10 things you need to know about Ripple today

Dec 16, 2017 Posted /  7082 Views

10 things you need to know about Ripple today

The digital currency market has seen a meteoric rise and the media dissonance regarding these currencies have considerably increased. On one hand, Bitcoin has been the talk of the town and on the other, a simple yet convenient digital currency called Ripple is stealing the limelight with its fast gains. So if you are one of those who is mesmerized by its market cap and is desperate to know it well, we have lined up 10 interesting facts about XRP that you need to know today.

1. About Ripple: Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system that’s still in beta. The objective of the ripple scheme, according to its official website, is to facilitate people to gain independence from centralized financial models – i.e., credit/debits cards, banks, PayPal etc that limit the approach of the users along with additional fees, charges for currency exchanges and processing delays.

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2. Objective: OpenCoin (the curator of the Ripple) states that the currency has the objective of providing independence to money flow. The company states that fiat currency and money has been surrounded by the issues of transportability, and speculates on the aggravation encompassing banks and other institutions that inhibit the exchange of funds with hefty transaction fees and processing delays. The objective of Ripple, is to develop a decentralized digital currency approach and revolutionize the model of which is as competent as the Internet.

3. The similarity with the Internet: According to Ripple that present-day Payment systems are working on the similar grounds as email in the early ‘80s. If all system developers build their own model it will be difficult for customers to comprehend and communicate with each other. Ripple is premeditated to associate different payment systems together.

4. Behind the idea: OpenCoin is the company, which developed the Ripple protocol. It was co-founded by CEO Chris Larsen and CTO Jed McCaleb. The CTO McCaleb is well versed with the digital currency marketplace, as he was bred in Mt. Gox, which presently control the majority of the world’s bitcoin trades.

5. Is it same as Bitcoin: Similar to Bitcoin, Ripple’s is a distributed cryptocurrency and the XRP unit is a digital form of currency based on mathematical formulae. Moreover, it too has a restricted number of units that can eventually be mined. Both Bitcoin and Ripple can be transferred/exchanged from account to account (peer-to-peer, or P2P) without any third party or mediators and present digital protection, which shield against the likelihood of counterfeit coins.

6. Ripple vs. Bitcoin: Ripple complements Bitcoin rather competing with it. In fact, Ripple website offers a web page for bitcoiners. The Ripple is the simple network, which is designed to ensure seamless flow of transactions whether in dollars, pounds, rupees, or bitcoins. In fact XRP offers more payment gateways for bitcoin users to amalgamate with the mainstream world financial system.

7. The benefit to bitcoin users: Not only does Ripple provides Bitcoin better ways to associate with those other users of diverse currencies, it also promises speedier transactions and stability. As a distributed network, the digital currency does not depend on the single company to supervise and protect the transaction information. Therefore, there is no holding on confirmations, and transaction can go through the network swiftly.

8. Ripple count: The company intends to eventually develop 100 billion ripples. Half of these will be released for circulation, while the other half will be retained.

9. The “free(ish)” currency: Ripple doesn’t accumulate transaction fees the way banks and other centralized financial models do. Nevertheless, the transaction will include trivial charges, a small amount of a ripple (which equals ~1/1000th of a cent). It is interesting that the amount is destroyed and not retained. The deduction is done to defend against any inundation by some individual, which may do millions of transactions in one go.

10. Ripple worth: According to Bitcoin Charts, ripples were trading at around $ 0.115 (USD) on May 17, 2013. Right now the price of the currency has surged multifold times and reached the value of $ 0.765 (USD)

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