As you all know that our professor @yohan2on has recently delivered a lecture to us about Altcoins. He described the Whats is Altcoin, the advantage and disadvantages of it, and much more information about Altcoins.

He asked to write a detailed note on an Altcoin of your choice among Litecoin (LTC), Ripple (XRP), and Binance coin (BNB).

XRP is a cryptocurrency that is announced and managed by the company name Ripple. Ripple has started selling XRP in 2012. Ripple is centralized. As you know Bitcoin no one knows its founder. But, ripple is founded by Chris Larsen. In centralization, all work is headed by one authority. If want to read more details then check my article all about centralization and decentralization Link.

Have you ever need to send money to your family member or friend who lives on another side of the world? I mean live in another country. It requires several days to appear in their account also there may be sending amount restriction and cooldown time. This is because major banks using the system that is built 40 years ago Moneygram, swift and western union, etc are the example of it. These examples are slow, expensive, and limit our transactions. In most cases, two banks are not directly connected to the same line.

It is the reason that international transfers are slow and costly too. Each bank on the way of the transaction takes time to process and also deduct taxes. Now you do not need to worry because Ripple is here. Let us take a simple example Internet use protocols like TCP, UDP, etc to transfer information just like Ripple uses its protocol known as RTXP. for moving transactions around the world. The idea of Ripple was come in 2004 by Ryan Fugger and it referenced as RipplePay. In 2012 the idea was passed to Jed McCaleb and Chris Larsen who introduce the OpenCoin and later it called Ripple Labs.

RippleNet is an organization dependent on a bunch of rules known as the Ripple Transaction Protocol or on the other hand, RTXP as we discussed earlier in the introduction section. for short, The organization spread their PCs Servers, known as validators, all throughout the countries in the world also, keep a common record of who possesses what. Validators ensure each exchange sent through the organization adheres to the RTXP rules. Anybody can run a validator also, help keep up the Ripple organization actually like anybody can run a Bitcoin hub to keep up the Bitcoin organization. Organizations who need to get to the Ripple organization can utilize Gateways, which are generally run by banks. Gateway act as an entry point for the people who are outside of the network.

There is a 7-Year Price chart is available of Ripple. In January 2018 we see the maximum price of Ripple which was 3.84$. It ranks at number 4 in the market.

Honestly, I have not traded the ripple. I will love to use the ripple network if sometimes I need to transfer money to the other side of the world. In my country, Faysal bank is using the ripple network which is great.