Steemit Crypto Academy Season 2, Week 1 Homework Post For [@yohan2on]

Hello professor @yohan2on thank you for this interesting assignment.

I am @afrojin

what is Ripple?

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Ripple is a decentralized platform with an open-source protocol designed to facilitate quicker transactions at a low cost. Ripple aim at breaking the bridge and setbacks in the present-day financial methods of currency transfers. With Ripple, International transactions can be easily carried out at a very fast rate with a cheap transaction cost. Ripple was created in 2012 for payment purposes.

What is XRP?

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Xrp is the main digital currency not ripple it is independent, its transactions are smooth on ripple network. Xrp is like the technology that is backing the cryptocurrency also act as the block chain which the token reside . Xrp authorize people to send money digitally.

How does the cable work?

The ripple network is based on independent computers around the world to monitor the history of each currency by keeping a record of transactions, similar to the mechanism of operation of other cryptocurrencies, such as Bitcoin and Ethereum.

Since this record is not maintained in a central location, this register is called the decentralized register system. This decentralized system allows for increased transparency on which banks rely on sending ripples to other registered financial institutions around the world, as banks now enjoy the advantages of a larger financial network that they may not have had in the past.

For Example :

In order For bank A to send money to bank B , that's it does not any direct relationship with, more often than not it will have to go through serveral intermediary banks, searching for comman network connection between each other in order to clear a path for the money . This is why any bank transaction also takes time and this work is also slow and it has to be charged.In same cases, bank transfer must involve currency conversions, which make thinks even more problematic and expencive .That's exactly what Ripple is here to change

BENEFITS OF RIPPLE (XRP)

Much of the importance and benefits that can be attributed to Ripple (XRP) is its traction as a means of exchange and as a digital asset in holding. Much as the United States dollar acts as a greenback in international markets, the XRP serves to provide quick liquidity in transactions within the Ripple network.

Also, it is used as a bridge asset by the xRapid, a Ripple product, to facilitate transactions between two different fiat currencies since it can function as a mediatory digital asset in value.

Market of XRP

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When I entered the coindesk website I saw that the current price of XRP is $1.72. Although its current rate is much lower but it always tries to maintain a high position and if you look at its graph you will see that its price is stable in the country and has been in an upward position for a long time.

EXCHANGES USED IN PURCHASING RIPPLE (XRP)

1 Binance

2 Bybit

3 CoinBase

4 Bitstamp

5 Kraken

6 Gatehub

7 Bitfinex

CONCLUSION

Even though Ripple is open sourced, there are aguements if it is centralised or decentralized. In my opinion, it is centralised to some degree and to some degree, it is decentralized.

Thank you professor @yohan2on