Steemit Crypto Academy | Season 2, Homework Post for [@yohan2on]: Altcoins – Part1 "Looking beyond the Bitcoin
Greetings again @yohan2on, I am really happy to be back to our classes and keep learning week after week.
The altcoin I selected for this week's assignment is Ripple.
Ripple Logo, Source: https://ripple.com/
The first thing to know is that Ripple is both a platform and a currency. The Ripple platform is an open-source protocol that is designed to enable fast and cheap transactions.
The platform has its own currency (XRP) but also allows everyone to use the platform to create their own through RippleNet.
XRP altcoin, Source: https://currency.com/xrp-price-analysis-for-july-20-27-2020
Ripple price chart, Image from my Tradingview account
XRP was initially created without the intention of solving an existing problem. After the project was completed, it was decided to orient it towards international payments and to make up for the current problems.
Ripple transfer example, Source: https://www.coingecko.com/buzz/what-is-ripple-how-to-buy
In a few words we can summarize the usefulness of XPR: For currency exchange with low commission.
There are many currencies that cannot be converted directly into each other. Banks need to use the US dollar as a mediator. Therefore, there is a double commission: converting "currency A" to USD and USD to "currency B". Ripple acts as a mediator, but its fees are much cheaper.
![1.jpg](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmTSxsdPRCsBm5nTZHCEcdPNj7RhrfAoKuUrnjpYJu3idr/1.jpg)
What is RippleNet?
RippleNet is a network of institutional payment providers such as banks and money service businesses that use solutions developed by Ripple to provide a seamless experience for sending money globally. The platform allows you to make payments in any currency including Bitcoin, and enjoy low fees. Unlike Bitcoin or Ethereum, Ripple does not have a Blockchain network. But... if you don't have a Blockchain, how do you verify transactions and make sure everything is okay? For this, Ripple has its own proprietary technology called: Ripple Protocol Consensus Algorithm (RPCA). The word consensus means that if every node agrees with every other node, there is no problem.Creation
The protocol as a working prototype was created in 2004. But the real story begins in 2013, when Jed McCaleb, the creator of the EDonkey network, invited a group of world-class investors to invest in Ripple Labs.So… What is XRP?
XRP is a token used to represent the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator in currencies exchange, both for cryptocurrencies and fiat.![2.jpg](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmd3PzusBeXdU37dr23M7y6tddkLbvYbN9KtVT3idX3EvF/2.jpg)
Its operation and features are far away from other notorious examples, such as Bitcoin and Ethereum. For a long time, it has been considered a currency for banks, so a false image of this digital asset has been created from the cryptocurrency community. However, in terms of market capitalization, it has always remained at the top, and its progress, in both marketing and development has been remarkable.
![4.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmNWJLN1iPPVFXaaKQuCTAYhdjcq6Jchfa4daCW3s5ifzb/4.png)
In what situations is it XRP useful?
Ripple's approach on how to improve the system of international transfers is simple: Use XRP as the currency of exchange from the starting point to the end of the transaction. Thus, banks or entities sending money would not have to have several currencies in their bank accounts to be able to make the currency exchange for the client (this generates a risk if the currency you keep depreciates). For example, to send Currency A to Currency B through XRP: First, Currency A would be converted to XRP and then exchanged for Currency B. All this in a matter of seconds. There would be no need for the sending or receiving bank to have both currencies.![3.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmWnGYTsBxSv5KLSskf8HQAhc2rrUKKRs1tHzR6pYEafmx/3.png)
Hi @albert
Unfortunately, your article has been discovered with plagiarized content. You directly copied and pasted the following content in your article;
You actually just directly copied them from the following site;
https://cointelegraph.com/ripple-101/what-is-ripple
And yet you did not include a reference to that work.
This is for the first time coming to you as a warning.
Plagiarism is NOT tolerated on Steemit
Homework task
0
Cc: @endingplagiarism @the-gorilla
Sorry yohan2on You are right I didn't mention My Source. Do I have another chance?
You have always been consistently creating good content. Yes, you have another chance and that will be in my next homework task. Currently, you can still participate in other homework tasks of other professors. You still have the chance.
I just Kindly advise you to be kin at referencing your work just in case you borrow some words from other sources.
Yes thats My prombl. I don't know how set the references of the words as You do. I know how to reference the images I borrow but no the phrases.
I then recommend that you go through Achievement task 3(Content Etiquette) in the newcomers' community. You will surely learn how to clearly reference any borrowed content in your work.
Thank You very much. I'll do it.