Ripple is the blockchain backbone on which next generation International payments solutions are being built. Ripple provides a software solution which enables Instant settlement of International payments.
Ripple is the currency of the Ripple network. It is one of the leading crypto-currency with has a circulating amount of 38 billion coins out of the maximum stipulated supply of 100 billion Ripple. Acting as a cross border payment protocol, Ripple is one crypto currency that is centrally managed and is increasingly adopted by the banks to facilitate faster international payments. The transaction time in case of Ripple stands at 3.5 seconds. Ripple does have a decentralised transaction network. The symbol denoted for Ripple is XRP.
Brad Garlinghouse is the CEO of Ripple. Based in California, Ripple was essentially invented as a payment system by Ryan Fugger but eventually expanded its domain to a crypto-currency. Ripple was originally known as OpenCoin. Ripple is partners with ZipZap and also a founding member of Digital Asset Transfer Authority (DATA).
· Ripple does not involve the process of mining, and works on iterative consensus process whereas Bitcoin practices the protocol of Proof of Work.
· Ripple undoubtedly performs at a faster pace than Bitcoin.
· Ripple has a decentralised transaction network and Bitcoin has a decentralised currency system.
· Ripple has a total value of 100 billion that exists as of now (nearly 60 % of worth is control of the firm) whereas the worth of Bitcoin is emerging with the process of mining (which is fixed at a value of 21 million coins)
At a similar level, both the Ripple and Bitcoin facilitate the peer to peer transactions.
Interesting/Notable Facts about XRP:
· Coindesk has a stake in Ripple and was acquired by Digital currency group.
· Major Volume of KRP is concentrated in Korean markets.
· Nearly 40 Japanese banks have incorporated the mechanism of Ripple, for faster money transactions.
Ripple can popularly be exchanged for Bitcoins, Euros and USD’s.
The exchanges that offers Ripple (XRP) against the payments of Bitcoins are Poloneix, Bitterx, Kraken, HitBTC , Bitstamp, Exmo, Gatehub and Bitfinex.
The exchanges offering Ripple for Euros are Bitstamp, Kraken and Gatehub.
And lastly, the exchanges trading the Ripple for USDs are Bitfinex, Bitstamp, Kraken and Exmo.
Unlike other crypto-coins Ripple puts a charge of 20 Ripple for booking a wallet.
· Ledger Nano S (Hardware Wallet)
· Gate hub (Website Wallet)
· CoinPayments (Payment System/ Exchange)
· Poloneix (Exchange Wallet)
· Changelly (Exchange Wallet)
· Rippex (Desktop Wallet)
List of exchanges to deal in XRP:
· The mechanism of Ripple allows faster transactions.
· Ripple are being integrated with banks for the faster payment regimes.
· The transaction fee chargeable on transaction is very minimal.
· The major drawback in case of Ripple is that the network creators hold nearly 60 % of its worth, which hinders the regime of decentralisation.