Crypto Academy Season 2 Week 1 Homework Post for (@yohan2on) - Looking beyond the Bitcoin - ripple

Altcoin is composed up of two words ; Alternative + Coin . Which intends that with the exception of bitcoin, whatever authentic crypto currencies is Over there They're titled altcoin. After the foundation of bitcoin in 2009, several factual Crypto Currency have been built on the same tech that is Litecoin,Ripple,Ethereum . There are over 4000 crypto currency in the universe titled altcoin.

However,All crypto currencies are created on their own project, their algorithm is different. For example. XRP, Steem, Litecoin, Binance Coin, TRX, BCH and several more. They are utilized on the blockchain and let P2P transactions. Altcoin is faster than Bitcoin. Altcoin has lower transaction fees. Bitcoin mining takes longer time but altcoin mining does not catch much time

Some newbies in the crypto run error ripple and xrp, in this post you'll have a distinct notion of ripple and xrp

ripple : it's a firm in San Francisco and holder of crypto which is xrp. Ripple is s propitious platform because its been utilized by so several Financial directions to authorize payments for group in diverse portion of the world. Ripple was founded in 2012,it was formally titled opencoin and was changed to ripple lab as of 2015. Xrapid is additionally own by ripple it's to attend as a solution to allow the conversion of fiat to xrp speedily and at a low cost.

XRP is a pre-mined currency. That intends you can't mine XRP love Bitcoin, Ethereum, etc. The ledger is regulated by Global XRP Community. The perfect provide of XRP is 100 billion coins. Among 100 billion coins, 38 billion coins are accessible for trading. And the rest amount belongs to the owner company. They publish them according to their need.

https://st4.depositphotos.com/9999814/19904/i/1600/depositphotos_199048224-stock-photo-ripple-xrp-cryptocurrence investing-concept.jpgow XRP works
Let's suppose two scenarios.

"A" desires to forward $12,000 from Australia to China. But the plight is the greatest restrain is $3000 per day. That intends he requires to wait 4 days. Again, the bank will charge 4%-5% as transaction fees. That intends $500-$600 of this perfect amount will be deducted. Also, these transactions can catch a a period of 7 days to finish also.

"B" desires to forward $12,000 from China to Australia. He utilizes XRP supported payment system. This allowed him to transfer all the funds within 3-5 seconds at nearly zilch charges.

The transaction sprint of XRP utilizing the XRP ledger is extremely fast. It's almost 3-5 seconds. Usually, banks don't require a pre-funded account to transfer utilizing the XRP network. That intends the banks will transfer funds in XRP to their partner bank. That composed transaction sprint a lot faster. Again the transaction rate is 1500 per 2nd which is 500 times of bitcoin and 30 times of Ethereum

Benefit of Ripple
Instant Transactions: Transactions utilizing Ripple takes area in less than 5 seconds to be settled. This composed Ripple a faster intends transaction than Bitcoin which takes about 500 seconds.
Low Transaction Fee: Transaction fee utilizing Ripple price tag about $0.0002 which is extremely low compared to other payment methods.
Scalable: The XRP ledger can bring about 1500 transactions per second. This composed XRP a faster intends of payment transfer than Bitcoin which handles 3 transactions per second.
Decentralized: Transactions utilizing Ripple is conducted in a decentralized manner. This intends that there's no 3rd party or central regime more than its control.
Sustainability: Ripple offers pre-mined tokens. This intends that XRP cannot be mined and all the perfect provide of 100 billion is already reissued out. With these, over there will be no environmental endanger in creating power for mining rigs.