Hello guys, this is my first homework at Steemit Crypto Academy. The assignment for this week is to write an article that will explain one of the 3 altcoins given by professor @yohan2on which are: Litecoin (LTC), Ripple (XRP), and Binance coin (BNB). For this discussion of Altcoins part 1, I want to write on Ripple (XRP) as the main topic in my article.

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What Is Ripple (XRP)?

Ripple is a cryptocurrency launched in 2012 by Ripple Labs Inc. designed differently from the system owned by bitcoin. The token used in ripple is called XRP. XRP is actually a type of internet protocol, such as HTTP and TCP/IP which are used to organize websites and data, but are specifically designed to receive and send payments. XRP not only has a function as E-currency, XRP also serves as an exchanger against other currencies and E-currencies and payment gateways.
XRP appears to be a digital asset due to problems in the manual remittance process. During this time direct remittances are often stopped due to delays and other obstacles. In addition, the shipping cost is quite large especially if the nominal is sent in large quantities. Converting into XRP will reduce the cost required when transferring money, and will also make the transfer time faster than doing it directly or manually.

How Ripple (XRP) works

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Unlike Bitcoin or Ethereum which rely on blockchain to store its crypto assets, XRP focuses more on cross-border digital payments. Ripple offers XRP as a faster and cheaper alternative compared to bitcoin. Ripple provides easy transactions so that it can be completed in a matter of seconds.
XRP and Ripple are often considered the same, but technically they are both different. Ripple is a payment platform with an open source protocol, while XRP is a digital asset separate from Ripple. However, since XRP facilitates all transactions on the Ripple platform, it is therefore accustomed to mentioning them as Ripple.
XRP not only serves as a digital currency, it can be used as an exchanger against fiat currencies, other crypto assets and payment gateways. This capability makes Ripple categorized as a technology platform as well as a digital currency, this is what distinguishes XRP from other cryptocurrencies.
Although XRP is claimed to be different from other cryptocurrencies, in terms of the number of XRP still follows its predecessors. In this case Ripple Labs only created 100 billion XRP, 60% still owned by Ripple, therefore many people consider XRP as a security, not as a digital currency.

Differences between Ripple and Bitcoin

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Development goals

Bitcoin was developed as a digital currency designed to be used as a payment for services and goods. Ripple was created for banks and networks on payments used as settlements in payments, remittance systems and currency exchanges. Ripple was created with the idea as a direct asset transfer system that makes it easier, transparent and secure than existing distribution methods, such as payments to SWIFT (Society for Worldwide Interbank Financial Telecommunication)

Who's the developer?

Bitcoin was developed by a group of developers. It is a decentralized system, not subject to the supervision of banks, governments or third parties. It was created by a mysterious person or a group of people called Satoshi Nakamoto.
Meanwhile, Ripple was developed by an official company with a specific purpose and an investor named Ripple Corporation, which was founded in 2012. From 2015 – 2016, Ripple has offices in Australia, Luxembourg and the United Kingdom.

Technology

Bitcoin is a blockchain-based currency that uses a mining system, while Ripple uses a recurring consensus ledger and verifies a network of servers and XRP tokens of encrypted currencies.

Transaction speed.

Bitcoin transaction confirmation takes 10 minutes, while XRP transaction confirmation takes 4 seconds.
Differences in utilization.
Bitcoin is used as a currency. Ripple aims for the transfer of currencies or other commodities in the network.

Conclusion

Ripple is a digital currency that focuses on solving problems related to the process of sending money across neagara directly or manually. Converting into XRP reduces the cost when transferring money, and it also takes a faster transfer time of only 4 seconds. XRP and Ripple are often considered the same, but technically they are both different. Ripple is a payment platform with an open source protocol, while XRP is a digital asset separate from Ripple. However, since XRP facilitates all transactions on the Ripple platform, it is therefore accustomed to mentioning them as Ripple.
Ripple has many differences with Bitcoin, among which is very significant, namely the transaction confirmation time Ripple only takes 4 seconds compared to bitcoin which takes 10 minutes.

So many explanations from me about Ripple (XRP) and I apologize if there are still many mistakes that you can get when reading my explanation earlier, I would be very grateful if there are any inputs and suggestions, can tell me in the comments field.

Thank you for reading my article, hopefully useful to all readers.

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@yohan2on
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