Introduction

My fellow steemians,
I am so delighted to be a part of these amazing program going on the steemit platform. Since these very program started I have really learnt a whole lot from the various professors. Sincerely this very program has help me to widen my horizon on blockchain and crypto currency through the lectures delivered by the various professors and my research in carrying out the assignment task usually given. Having attended the lecture delivered by our own very dear professor in the person of @yohan2on, on the topic Altcoins – Part1 "Looking beyond the Bitcoin", I am happy to present my homework task here, this is to prove or indicate my level of understanding concerning the class held by the professor. Please read through and learn a bit from my blog as well.

On these blog of mine, I will be discussing briefly on the altcoin that goes with the Name Ripple (XRP). But before I proceed with this let us run through what an altcoin is and how it all started.

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ALTCOINS

Many person have said a whole lot about what the feel is an altcoin. The good thing is that all of them are driving towards same meaning. Today I will be discussing what I felt in my own opinion is an Altcoin. Since Bitcoin is the very first ever crypto currency, all other crypto currency that comes after Bitcoin is termed or known as an altcoin.

Reasons for Altcoins

One will be tempted to ask why do we have other crypto currency called altcoins when Bitcoin is still in existence? Well, the answer to this question is not far fetched. Now when Bitcoin was invented, there were prediction of the rise in this crypto currency in the nearest future. Because of this prediction, expertise sort for ways to avert the forth coming issue hence the need to invent other coins which will serve as alternative to bitcoin came into existence.

What is Ripple (XRP)

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In many platform today, transaction are very costly and yet takes a whole lot of time to be initiated hence it has become a serious barrier for the users of the platform. Ripple was designed purposely to help settle this issues between users and the platform administrators. For these reason we can conclude that
Ripple is a platform that is designed with the main purpose of making transaction cheaper and also very fast. It is important to state here that Ripple platform has it's own currency that goes with the name XRP. One unique feature about Ripple platform is that it also allow users to create their own currency via the the gate way RippleNet.

What is RippleNet

RippleNet is just like a bank, in other words, it is a payment providers platform. It works hand in hand with Ripple by using the solutions provided by them to solve the issue of sending money worldwide. This process is made easier and faster unlike the delay which takes place in most exchange platform.

Characteristics of Ripple are as follows:

• Ripple is a reliable platform, hence it help in eliminating any form of transaction failure.
• In Ripple, currency can be exchanged to other currency with a very low fee.
• No delay when it come to payment hence customers can have complete trust in it at all time.
• Ripple has a digital security that fights against any form of fake currencies.

Advantages of Ripple

1. Other crypto currencies can be traded on Ripple aside XRP
2. Transactions carried out in Ripple are fast and secured.
3. Other financial institution make use of Ripple as well.
4. Ripple can handle a whole lots of transactions per seconds.
5. Ripple allows both lending and borrowing of money.

Disdvantages of Ripple

1. Ripple is not a distribute system like other crypto currency.
2. Ripple has same risk like other crypto currency so anyone rather to invest must invest what he or she thinks he can lose.
3. No mining is involved.
4. Ripple is a bit restricted since it is more of centralized.
5. Sometimes when you need money urgently, because of the centralized nature of the platform, you may end up not getting it.

The Function of the XRP Token

XRP tokens are used for payment in the crypto exchange market. Initially, when ever a transaction is carried out on Ripple, a certain amount of fee say 0.00001 XRP will be charged.

Conclusion

In conclusion, I believe we have been able to here a little about altcoin, particularly Ripple. These lecture has actually exposed me to many things.
My appreciation goes to professor @yohan2on for this great lecture. I have learnt a whole lot. I look forward to learning more from you and other crypto processors as the course progresses.

Cc:
@steemitblog
@yohan2on