Looking beyond the Bitcoin :- Ripple (XRP) || @yohan2on Assignment

Introduction

Thanks to @yohan2on for this class, it gave me insight to the different altcoins,from stable coin, utility tokens and so on. In the assignment given, we are required to write about one of the following altcoins, XRP, LTC and/or BNB. I will be writing on XRP in this post.

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Ripple (XRP)

XRP, the name given to Ripple lab's digital currency which helps to transfer value form one user to another accross different countries through the ripple network. Ripple was launched in 2012 by Chris Larsen and Jed McCaleb.

XRP’s main purpose was to serve as intermediary between flat trade and cryptocurrency exchanges. XRp is also used mostly to perform series of transactiosn on the Riple network and also act as a bridge between the network and its currency.

It has an open source serves where it operates giving it full access to making it transfer all sort of currencies within the bloxkchain exchange.

How can XRP be used

Ripple made it possible for traders to trade with a very low comiision when Making an exchange, ripple allows coins to be converted directly into another one and this has never happened on some other blockchain platforms. Most times when using banks to works as a trading platfrom, the commision becomes double while the commision will be low when trading using ripple.

Ripples makes it possible for users to transact in a fast ecosysytem and such transaction is chreap and affordable. Traders can use one currency to buy another.

Ripples transactiosn are being transacted per seconds because of its fast and easy peer to peer understanding.

How Ripple Works

Ripple (XRP) depends on concensus protocol when validating transactions, The coins are not mined as they have been premined. Unlike Bitcoin which uses Proof of Work, or Ethereum which uses Proof of Stake.

A total of 1 billion XRP is going to be released monthly until a total of 100 billion XRP is in circulation.

What are the benefits of ripples

Ripple can used to exchange any form of valuables and currency. Ripple is more fast and cheapwhen making a transaction
Ripples main objectives and benefits is to works mostly as a bank thereby making it usable for all types of cryptocurrencies.
Ripple is the financial networks which was created to make banking transaction and also quick and less expensive. It is very affordable by all and sundry.