What is Ripple?
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What is Ripple?
Ripple is an open payment system where currency can be transferred. It is fully distributed and open to the public for usage. Ripples goal is to provide an alternative option for payment methods such as the status quo (Banks and other financial institutions), Ripple is able to do this in a speedy manner with little to no delays and someday may be a replacement to the SWIFT network that is currently in place for wire transfers. The Ripple network is designed to allow the seamless transfer of any form of currency, whether dollars, euros, pounds, yen or bitcoins
Key Elements
Ripple is similar to Bitcoin in the fact that the currency itself is based on cryptography and solving hashes in order to power the network. The major difference between the two is that Ripples approach is to be a fee free currency or as close as one can be to that. Each transaction takes a very small fee(Less than 1 cent). The purpose of the fee is to add extra security on the Ripple Network by adding a checksum against DDOS attacks.
Controversy
crypto currencies are a new way of making payments that bypass banks and other financial institutions. Ripple, on the other hand, is working with banks to help them speed up cross-border payments and reduce fees. Some see Ripple as going against what cryptocurrencies should stand for, which is why many don’t like the standard.
Another reason why some are not fond of Ripple XRP is that it’s not decentralized like Bitcoins and other currencies. The company created all coins before the launch and still owns more than half of the supply.
Epilogue:
I see Ripple being the "yin" to the "tang" within the crypto world, in the world of the wild wild west we need some stability and Ripple provides that. It's infrastructure is safe, standard, and secure. Ripple is not trying to be flashy but provide what was promised; a fast easy way to transfer money around the world with minimal hassle. That is why I believe Ripple has a great potential to see an upward trend in valuation.
If you are interested in getting into crypto currencies you can sign up to Coinbase using my affiliate link. If you sign up with $100 we both get 10 bucks for free!
Additionally you can make donations to the wallet addresses below:
Bitcoin:
1MvdahiwEb8mAWmy62YeqRJUfCHKb8nqyW
Ether:
0x33662b1aad86efe17a54445a2c5a15e5ce4cce56
Lite Coin:
LP8Lenqebq2KJ2dc7HbtaV1gMdL2xR3C6r
Thank you in advance for taking the time to read this article.
Hey dude! You don't have a Ripple wallet to donate?
I just wrote a piece also about Ripple and while it is true that it might replace SWIFT at some point this will not benefit the Ripple token as there are numerous private chains deployed by Ripple for that purpose. Ripple is also closed source. You can't run a ripple node, only a gateway to other networks or marketplaces. What you send around on the Ripple network are IOUs that are issued by gateways. The token is only meant to pay for transaction fees. The network is secured by Proof of Stake, not by hashing. And it is run solely by the Ripple foundation, so in theory it doesn't matter how it is secured since there is only 1 "miner" in total.
Let me plug my little rant
https://steemit.com/bitcoin/@happy-goldberg/our-top-7-crypto-gems
Thanks for sharing!
In that sense you are correct, at the moment it appears that institutions will be most likely be using the technology behind the Ripple and not XRP exclusively. In the terms of "open payment system" I could have chosen a better term to indicate that the network itself is readily available however you will require to work with the Ripple organization to do so. The hashing power portion I will need to revise.
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