Ripple – XRP – What It Is
Ripple – XRP – What It Is
Ripple XRP
Ripple
Ripple is a cryptocurrency that is being using to reduce payment times(hassle free) and add extra layer of security to international transfers and payments. Ripple is like a settlement system (RTGS) used in banks, currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol,
Ripple is a technology that acts as both a cryptocurrency known as XRP (ripples) and a well established digital payment network for financial transactions.
XRP is a centralised crypto coin which is made by Ripple. It is pre-mined and hence considered Centralized Crypto Currency. There is total of around 100Billion XRP Coins right now, and out of which 50% is withheld by the company/founder/team etc.
Ripple is a no less than a settlement network, making it easy to send any currency($,€,¢, etc.) to anyone, anywhere in the world, in fraction of second. Ripple platform has made the work of sending money through swift or Western Union an old fashioned job. At the moment Ripple mostly works with banks by offering them a more efficient and a way more cost-effective way than other platforms to make real-time payments worldwide with high security level.
The company behind the Ripple protocol named as OpenCoin, was co-founded by CEO Chris Larsen and CTO Jed McCaleb. McCaleb has strong roots and is well-grounded in electronic money, that are coming from Mt. Gox, which presently handles most the bitcoin trading market. Larsen had previously co-founded and directed online financial firm E-LOAN. Other programmers in the Ripple’s team have a good knowledge bitcoin background.
OpenCoin has recently picked an investment financing from Andreessen Horowitz, FF Angel IV, Light speed Venture Partners, Vast Ventures and the Bitcoin Opportunity Fund to grow its network.
Benefits of Ripple:
• payments made through Ripple are incredibly fast and hassle free, without interference of any third party
• price efficiency of ripple
One of the greatest benefits of Ripple for banks is the price efficiency. On Ripple – One Frictionless Experience to send money globally, Ripple presented that banks can save millions or even huge sums like hundreds of millions of dollars each year with Ripple by using this new technology. That’s one reason why so many big banks worldwide have become Ripple partners.
more on ripple
Main functions of Ripple:
Ripple has two functions. It acts both as a payment network for financial transactions and as a digital currency. Ripple functions in a way that allows paying and receiving of currencies by public addresses through the Ripple network. That is why it remains quite unpopular despite the upsurge of digital currencies. Its digital coin, XRP, is a bridge for other cryptocurrencies. The Ripple’s network exposes users to particular risks, as it is not proof-of work like Bitcoin. It also involves some features of a typical bank such as completing of transactions within seconds. Its value might thus increase slightly.
Future of Ripple:
Ripple’s core competition has been from the new breed of blockchains that have been developed by Hyperledger, JP Morgan and R3 Corda and have permission in blockchain business. These newly emerging blockchains do the same things as Ripple, that is offering to trade financial assets on the blockchain without high costs and excellent security levels.
But what Ripple’s competitors have now realized was that they could offer transactions without charging any fees by utilizing identity management in their blockchain service. Nowadays even Ripple has designed the concept of ‘Trust Lines’ making the banks to only work with organizations they had previous relationships with. The newly emerged permissioned blockchains just took this a step further and focused only on these trusted relationships, ignoring native assets.
The problem with XRP is that it’s not enabling any new features leading to further downfall, but adding an additional cost to the competition. These demerits won’t harm Ripple Labs in the short term. But if the cost of XRP keeps rising and banks needing to pay more to use Ripple, then the Ripple Labs have the ability to give XRP away for free or flooding the market with lots of XRP to bring the price down in the market.
The reason Ripple would devalue their own currency is because Ripple is extensively competing to win the financial banking industry, and not creating the highest market cap currency. Cheap XRP serves their organization much more efficiently than expensive ones.
Brad Garlington and Ripple Labs are doing excellent work, and there’s nothing wrong about their use of XRP. In a way, it is only natural to think that other blockchain competitors would follow the trend and create their own currency to keep pace in the market, making XRP’s cryptoeconomics common.
Conclusion:
In some sense, Ripple is anathema to the original philosophical vision of this technological space. Agreeing to the fact that cyberpunk notion of decentralized currencies, separation of money and state, this is the natural progression for the crypto world. The internet was an incredible decentralized with wild west of Usenet groups and listeners before Eternal September and the dot-com boom, but its maturation affected every part of global society and changed the way world thinks about crypto currencies.
Ripple will claim from large banks in the coming years because they build a global settlement network in which worldwide payments can be made in real time at lower costs. Anyone who buys XRP has the potential to make a huge profit on his or her initial investment when Ripple is going to be used by more and more banks. The concept of XRP as a global reserve currency is an ideal scenario for investors.
Even though XRP has increased enormously in value in 2017, this is only the beginning. However, as always on the stock market: if there are major gains to be made, there are also risks. Be sure to invest wisely and never invest more than you are willing to lose.
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