The Curious Case of Ripple
Dec 25, 2017 Posted / 11761 Views
If anybody tells you that all cryptocurrencies are same and there is no essential difference in their operation and utility, then you need to seriously reconsider talking about crypto investments with this person because clearly there is some grave lack of understanding on his part. All sorts of digital coins have some fundamental difference and a great example to begin with is- Ripple, which is considered as the white crow of digital currencies.
Ripple developer Jed McCaleb in 2000 came up with the idea of file-sharing net eDonkey. By the end of 2006 everybody got familiar with release of project MTGOX. However, Mark Karpeles approximated this new discipline of exchange in game maps. It can be determined that perhaps he saw a foundation for future share market for bitcoin. However, Jed McCaleb decided to sell its cause project OpenCoin and nonetheless, Karpeles copied the codе and also kept the monopoly.
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Opencoin project was completed in 2013. Market was obliged to make itself familiar with a new infocoin that was now being shared on the global currency exchange. But McCaleb gave it to the team of Ripple labs. The team at Ripple developed it and instantly begun doing an active promotion. The project was then renamed as Ripple and soon the cryptocurrency was made available for public use.
Ripple supports all kinds of valuable units and is fully secured against hacker attacks. Moreover, it offers about 100 billion coins, which can be used in the system. The users registered with the network are provided prospects to open personal currency exchanger. In comparison to Bitcoin all transaction can be swapped.
Similar to other cryptocurrencies, Ripple’s network also works as a decentralized group, which means that transaction history is stored. However to begin explaining major differentiation- mining for Ripple coins is not applicable. If you are interested in purchasing Ripple coins, you will actually have to directly purchase it or participate in the computing processes, which is not a math computing but processing of practical science and medicine information.
There are numerous reports in the media that regulators are themselves pushing banks to adopt XRP, but they are doing it in background and not playing forefront. This is significant as the regulators calling for banks to adopt XRP means that they see some potential in its use to the overall banking performance. The enthusiasts are repeating it day in and day out. However, the talks, which were going on behind the scenes, are now converting in agenda meetings.
It is interesting to see Ripple making unbelievable treads and collaborating with those in power. At present over 75 banks have amalgamated with Ripple as they are experimenting with XRP. According to the reports in the media, just a month back, they employed the former business director at SWIFT. The SWIFT network has facilitated in money transfers in over 11,000 financial institutions till now and has covered almost every country on Earth. In fact there are many people who view that Ripple is preparing itself to reinstate and replace SWIFT, which needs almost high number of business days to complete a transaction.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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