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What is Ripple (XRP)?

The very first thing you need to know about Ripple is that it’s both a currency and a platform. RippleNet is the payment network for Ripple and its currency is named Ripple XRP. Ripple was first released in 2012, co-founded by Chris Larsen and Jed McCaleb. The platform connects big institutions like banks giving them the opportunity to use its network to transfer money and other assets. The decentralized XRP ledger records each transaction on the decentralized network. Ripple (XRP) network reduces the time and money for global transactions and uses its own XRP currency to make the payments in a matter of seconds. The transaction time for Bitcoin is in hours and Ethereum takes almost 2 minutes to complete the same transaction. Ripple handles around 1500 transactions per second which shows its instantly fast feature. A large number of financial institutions are already using Ripple just because of its speed and low charging fees which is also a core idea of the Ripple platform.

More About Ripple XRP

Ripple (XRP) is a digital cryptocurrency, created by Ripple Labs. Ripple describes XRP as a digital payment system. Released in 2012, XRP is the digital asset on the XRP-ledger which is a permission less and open-source technology. You can send XRP faster, less costly, more scalable, and without the involvement of the central authorities.

How Does Ripple (XRP) Works?

Following Bitcoin (BTC) and Ethereum (ETH), Ripple (XRP) is the third-largest cryptocurrency by market cap at the time I’m writing. Ripple is not associated and linked with block and blockchain directly. Instead, Ripple network uses ledgers and an independent network of servers makes and validates the records. The Ripple does not depend on proof-of-work (PoW) and proof of stake (PoS) algorithms, thus Ripple Platform does not acquire intense computing powers and energy. The Ripple uses blockchain data structures with its own consensus protocol algorithm.

Ripple system uses three types of nodes which are;

Validators: transactions are validated by trusted validators
Regular Nodes: these are the regular users or people.
Gateway Nodes: they are exchanges, merchants, or financial institutions. They are like a trust chain on the ripple network.

Ripple can also be traded but that was not the main idea behind its creation but it has now become a payment method for many financial institutions. XRP is acting as a vehicle to transport their funds and digital assets.

Why you should use Ripple (XRP)?

Ripple operates and works in a similar way to the other digital currencies like Bitcoin and Litecoin however, Ripple has a limit of 100 billion XRP which is way too much as compared to other global currencies supply. The beneficial features of Ripple are;

  • Ripple has its own currency, called XRP and it accepts all valuables.
  • The current Market Cap is $10,999,921,501 USD with a circulating supply of 45,136,163,236 XRP and the total supply is kept 100 Billion XRP.
  • There are no miners and direct mining in the Ripple system. One can participate in the calculation process to receive a reward.
  • Transaction history is saved on crypto-wallets for future needs.
  • There are no risks of being stolen from your XRP and fraud transactions.
  • Ripple network offers two-way transactions and each transaction can be reversed.
  • Physical assets are not required to start with your global digital trade.

How anyone can Buy, Sell or Store XRP?

There are many methods and exchanges available for storing and trading XRP globally but the mobile-friendly e-wallets are the easiest and instant way for storing and exchanging your XRP. The B4U e-wallet is one of the fast, secure, and best wallets to start or precede the digital asset trade-in low fees. Download B4U Wallet Mobile App today to buy, sell, and exchange XRP and other multiple cryptocurrencies.