RIPPLE: Specialized In Faster & Smoother Transactions

RIPPLE: Specialized In Faster & Smoother Transactions

Ripple is gaining momentum in various global transactions worldwide.


RIPPLE: Specialized In Faster & Smoother Transactions

The Real-world for Ripple started in 2013 when Jed McCaleb developer of Ed donkey network invited the investors to invest in Ripple. It is very interesting to know that Ripple is a currency and a platform also. The Ripple platform is an open-source protocol that is specifically designed to allow faster & cheaper transactions. In simple words, it is not a payment machine like other cryptocurrencies.

Ripple is gaining momentum in various global transactions worldwide. It has its currency which is known as XRP but everybody uses this platform in creating their currency via Ripplenet.


What Is RippleNet?

RippleNet is the network of various types of institutional service providers like Banks & fInancial institutions that uses the solution that is designed by Ripple to facilitate the smooth transactions of money worldwide. The platform can make the payment in any currency including Bitcoin with minimal charges which is known as an internal transaction commission of $0.00001.


XRP

It is a token that is used in transferring the value across the Ripple network. Its main motive is to act as a mediator between cryptocurrencies & fiat currencies. In simple words, we can say it as a “JOKER”. It is specially designed in preventing the attacks of spammers.


Applications of Ripple

1. Smooth Currency Exchange: As we know that many currencies are not directly converted to each other. Ripple acts as a mediator in the process of exchanging currencies. But it is too much cheaper than the US dollar.

2. Speeder Transactions: As we know that the transaction speed of various cryptocurrencies & banking systems is too long it can last till an hour. But in this case, ripple is too fast and its average transaction speed is of 4 seconds.

3. Payment Mechanism: On other platforms s users only can use the currency for faster cheaper transactions but ripple is one step ahead in this platform one can easily create currency to buy and seeing vintage vinyls or action figures.


Banks That Are Supporting Ripple:

  • Santander
  • Axis Bank
  • Yes Bank
  • Westpac
  • Union credit
  • NBAD
  • UBS


Key Takeaways

  • Ripple is designed for daily transactions.
  • Ripple is not an issue for major checks & balances like other cryptocurrencies because it has started as an organization and
  • Its main dimension is to be used by the Banks
  • It has the unique ability to  be exchanged by any currency and valuable with minimum commission charges.


Expert Opinion

Roman Guelfi, CEO & Lead Systems Engineer, Pinnacle Brilliance Systems Inc "Ripple has the potential to move at great heights. Now the market has been projected to see the latest features in cryptocurrencies. So it is time to watch the Future of ripple as in The crypto world anything can happen.”

According to John Paul Mccaffrey, Long Island University "Although currently there is no mode for the exchange of Fiat currencies on Ripple XRP. But I hope it will come sooner.” Samson Williams “As we know that Ripple is not going like a cryptocurrency it is like a child of banks. So it will witness a bump in the future.”

According to Financial Times "As we know that there is a long list of prestigious banks who are planning to use Ripple but these are in a testing stage and few banks only use the platform for transactions."


Bottom Line

Ripple is well-designed crypto and acts for various purposes. It can also act like a platform or a currency. These features make it different from other cryptos. Ripple has one difference from other cryptos like it is not facing the issues of checks & balances like other Cryptocurrencies due to its backing from the prestigious banks of the World. It has no comparison as  the medium of exchange. We know that in the crypto world anything is possible so it is too early to decide the future of Ripple. Let us see the innovations designed by a Ripple in the future.


Edited By Team CLIQTAX

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