What is Ripple about?

Ripple is not just a cryptocurrency, because it is an exchange platform, it aims to be located above Bitcoin and that makes it the largest exchange organization and makes it one of the most used in creation, which allows us do veils transactions

They have a platform called Ripplenet, which can act as an exchange market between banks at a general level, so the XRP currency can be exchanged for legal tender, similar to the P2P exchange, but it can be varied directly with the banks, the difference is that it contains contracts

What is Ripple's goal?

His idea is not to transform users or convert users from currency to cryptocurrency, but to build a platform between the 2 worlds and take full advantage of the advantages of each world. Therefore, it allows changes or transactions between another type of currency that is legal tender or any of the many cryptocurrencies that exist at the current time.

Characteristics

. one of the great characteristics is that this coin cannot be mined

. Transfers are made instantly and we can also carry out many transactions at the same time, the funds are sent immediately to the recipient of your choice, because there are no intermediaries, the commissions are the lowest that exist, and one of its main characteristic is that it is not a chain of blocks as such, if not that there are several nodes that even if some fail the system could continue to work

token XRP

It is a token that can be used for exchanges, its characteristic is that it represents the importance of transactions and can be converted to US dollars, euros or any currency that we may need at the moment.

Advantages and disadvantages of RIpple

As we already know, all currencies have their advantages and disadvantages, and I will explain them shortly.

advantage

.It has security in the bank and its commitments with many financial institutions, which makes the currency supportive and credible

. Another advantage that Bitcoin has over it is the portion of the transactions that we can do per second, because with Bitcoin, it can perform around 4 or 5 transactions per second, which is very different from the amount of 1,500 to 50,000 transactions allowed by Ripple

. As more and more banks decide to use XRP, the estimate of this coin will increase and there has been a substantial increase in recent weeks, Experts say that it may be a strong adversary of btc

disadvantages

. one of the disadvantages of this coin is that it cannot be mined

. As it is associated with banks, it is not decentralized, depending on third parties. this contradicts with the rest of the cryptocurrencies.

Making transfers through a bank account or converting the currency to XRP forces the receiving account to choose XRP, even if it uses another cryptocurrency.
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conclusión

Ripple aims to become the largest most used cryptocurrency exchange organization with higher security and low transaction costs, through the Velos token. Acting through an exchange market between banks. This allows the XRP currency to be converted to legal tender. As in the case of the P2P exchange. But with a base secured by means of contracts. At the same time, it aims to unify the users of different currencies and cryptocurrencies in a world of exchange and transactions on a single platform. Which would perform all transactions or exchanges more quickly and efficiently without the need for a chain of blocks as such, but through nodes that allow greater security.