Steemit Crypto Academy| Season 2: Altcoins Part 1. Homework Post for @yohan2on

A very nice welcome back to the entire steemit crypto academy.

My very warm greetings and appreciation to @yohan2on for this assignment and we hope for more soon. My gratitude to also the entire steemit crypto academy professors. we are really grateful for your good works. this week's assignment is on alt coins and I will be talking about Ripple in this post.

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Ripple is generally a platform to transfer money from bank account to bank account very securely, simply and quickly.

Ripple was founded in 2012 by ripple labs incorporation.

Ripple is made up of two different components; namely RippleNet and XRP.

RippleNet
Ripple net is the payment network or platform, whiles XRP is the cryptocurrency used to make the payments.

Ripple net was built to allow financial institutions and individuals transfer funds across boarders very simple, quick and very cheap.

Ripple runs on an open source protocol. The unique thing about ripple is currency independence. A transaction on the ripple network can be processed in any currency one can imagine.

Ripple aims at solving a major problem of the financial world like how quickly funds are transferred and handled in boarder transactions, how fast the transaction is completed and also the drastically reduce the high amount paid as fees to banks during these international transactions.

XRP

XRP is the digital asset of ripple which holds the keys to the global payment success.

Ripple is used to make international monetary transactions faster and cheaper which is possible by using their cryptocurrency XRP.

XRP is a digital asset just like bitcoinwhich is meant to be a digital way to move value. Ripple can perform 1500 transactions per second, unlike other payment methods like swift with took 48 hours in order to confirm international transactions, ripple takes a minute or two.

XRP was the best performing asset in the 2017 bow market. XRP’s main function is to serve as a bridge asset between currencies. Ripple is using XRP to provide banks with liquidity on demand.

That is for example if a person from UK is to send a £1000 remittance to a family member in the US using XRP as a bridge currency, XRP converts the £1000 to XRP equivalent and quickly after changes it to the dollar equivalent in a 3 seconds without any change in value and also no charges, which beats the outmoded bank transactions, which would have taken days to complete the transaction and also a lot of carrying charges.

XRP is 1000 times faster and 1000 times cheaper than a bitcoin transaction as it charges for an average transaction 3 one hundredths of a penny, which is almost nothing.

The utility of XRP makes it the most efficient digital asset to solve the problem of money or funds transfer worldwide.

Strengths of Ripple

• Ripple possess great currency independence. A transaction can be processed on the network with any currency imaginable.

• Ripple is very cheap to use as an average fee charged per transaction is 3 hundredths of a penny, unlike other currencies where carrying charges are very high.

• Ripple transactions are very fast and reliable. A transaction on the network can take as little as 3 seconds to complete. The network is also capable of processing 1500+ transactions in a minute.

• Ripple prevents loss of funds. In boarder transactions, the amount sent by one user will be the same amount received by the other user, without having to deal with conversion rates between the two users.

Disadvantages

• The Ripple network is open source, hence will thereby draw the attention of hackers who would put in their maximum effort to hack, this puts the safety and security of the network into question.

• Ripple is not distributed among users unlike other cryptocurrencies. Ripple seems like a monopoly as majority; about 60% of the XRP is held by the ripple company.

• Ripple have also failed in providing privacy and anonymity on the network, unlike other currencies like Monero which does so.

In conclusion, ripple seems like the future of banking as its advantages on the transfer of funds is greater. It is also a 1000 times faster and cheaper than a bitcoin transaction.

With financial institution giants like Ria, Santander, Bank of America all on the network, Ripple is much likely to succeed in its goals and objectives.

Your suggestions and corrections are highly appreciated.

Thank you