CRYPTO ACADEMY WEEK 9-HOMEWORK POST FOR [ @alphafx]|BLOCKCHAIN AND PLATFORMS||15-04-2021|

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INTRODUCTION
A blockchain is a ledger for recording and storing transactions making it immutable,secure and accessible to every user on the blockchain.
Simply put,a blockchain is a record of cryptographic transactions.
The most interesting part is that,transactions on a blockchain is secured by cryptography and as such the information is not subject to manipulation, deletion, mutilation by any person or group no matter how well placed.
Transactions on blockchain are recorded and stored in the a form called blocks.Each block has a storage capacity,once it has reached it maximum storage,it is attached to the already existing blocks.

This arrangement where blocks are chained together to existing blocks by crytography is referred to as blockchain.As new blocks are generated and filled,they are also chained to the already existing blocks and it continues in that order.

COMPARING ETHEREUM AND RIPPLE BLOCKCHAIN

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ETHEREUM BLOCKCHAIN PLATFORM
ETHEREUM is a blockchain platform launched in 2015 with Ether(ETH) as its primary Ethereum was created primarily to help people enter smart contracts(a modification to Bitcoin blockchain) and also to run other Decentralized Applications (DAPPS) without interference from any group or central body. Ethereum transactions are verified by miners with their nodes(devices eg computer).Once a transaction is verified,it is added to the block and as such transactions does not need a third-party or single authority to verify transactions(it is decentralized).

FEATURES OF ETHEREUM BLOCKCHAIN PLATFORM

•The native cryptocurrency in the Ethereum blockchain is called Ether(ETH).

•Ethereum is probably the first blockchain to run smart contracts,a modification to the BITCOIN platform.

•It allows for creation of decentralized applications(DAPPS).

•Ethereum blockchain also allows the creation of decentralized autonomous organizations (DAOs).

ADVANTAGES OF ETHEREUM BLOCKCHAIN

•It is transparent and secure since it runs a blockchain technology.

•Allows miners to make money.

•Allows for smart contracts.

•Promotes Ether(ETH).

RIPPLE BLOCKCHAIN PLATFORM

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RIPPLE is a blockchain platform created in 2012.Its native cryptocurrency is XRP.Ripple was created primarily to solve the problem of transferring funds from one country to another(a modification to the slow and high cost of transferring funds through banks).
Ripple blockchain does NOT require a third-party(intermediary like banks) for the transactions rather transactions are done on a Peer-to-Peer(P2P)basis.Say from user A to user B.

FEATURES OF RIPPLE BLOCKCHAIN PLATFORM

•The native cryptocurrency in the Ripple blockchain is called XRP.

•High Scalability:
Ripple blockchain is highly scalable as it can handle about 1500 transactions in just one second.

•It build bridges between fiat currencies:
This means that I can use another fiat say POUNDS to pay someone in the United States in USD without going to exchange houses or banks to change my native fiat(,POUNDS) to USD.

•Top-notch security:
XRP transactions are recorded in the XRP ledger(a secure record which is validated by a team trusted validators).

•It is a fast and reliable means of transferring funds from one country to another.Imagine transferring funds from one country to another in a matter of 4 seconds and even at a lower cost.

•It offers cheaper,reliable and faster transaction across borders.

•Ripple blockchain is specifically designed for financial institutions and payment providers as it is the primary purpose of it's invention.

ADVANTAGES OF RIPPLE BLOCKCHAIN

•Fast(completes a transaction in 4 secs) and reliable.

•Transparent and secure.

•It functions as a bridge between cryto and fiat.

COMPARING RIPPLE AND ETHEREUM IN TERMS OF:

•Performance.

•Team.

•Consensus Mechanism.

•Price.

•Market Cap.

•Volume.

•Supply.

•COMPARISON IN TERMS OF PERFORMANCE:

ETHEREUM
Transfer of funds from one user to another in the Ethereum blockchain takes 16 seconds to complete irrespective of the location.The Ethereum blockchain can handle up to 15 transaction in one second.

RIPPLE
Transfer of funds from one user to another in the Ripple blockchain takes 4 seconds to complete(4 times faster that Ethereum).

Also the Ripple blockchain can handle up to 1500 transactions in just one second(100 times faster than Ethereum).

•COMPARISON IN TERMS OF TEAM

ETHEREUM
The team supporting the project is no other group than the Ethereum Foundation which comprises of a community of developers that votes,verifies and promotes the Ethereum platform.

RIPPLE
As for the Ripple blockchain,the main team that supports the project is the Ripple Labs company that forms a synergy with financial institutions.

•COMPARISON IN TERMS OF CONSENSUS MECHANISM
Consensus Mechanism means how Ethereum and Ripple blockchains arrive at an agreement with the various nodes before transactions are completed.

ETHEREUM
In the Ethereum blockchain,Consensus Mechanism is achieved through a mechanism called Proof-of-Work:a situation where computers (nodes) are used to solve cryptographic equations.The first node to get it right is rewarded with the Ethereum native cryptocurrency (Ether).At this point the transaction has been completed and added to a block(verified).The Ethereum blockchain can only handle 15 transactions per second.

RIPPLE
In the RIPPLE blockchain,Consensus Mechanism is achieve through a mechanism called Federated Byzantine Agreement (FBA):a situation where selected nodes are required to trust the other nodes.The whole thing is arranged Inna manner that every node still interacts with each other.I call this process Selective Representation(my own thoughts).

•COMPARISON IN TERMS OF RANKING,PRICE,MARKET CAPITALIZATION, VOLUME AND CIRCULATING SUPPLY

Screenshot from Coinmarketcap

ETHEREUM
Ethereum(ETH)is ranked at number 2 in the Coinmarketcap with a price of $2,475.16,market capitalization of $285.51Billion,trading volume of $31.96 Billion and circulating supply of 115,479,375ETH.

RIPPLE
Ripple coin(XRP) is ranked at number 4 in the Coinmarketcap with a price of $1.76,market capitalization of $79.92Bilion, trading volume of $15.43 Billion and circulating supply of 45,404,028,640 XRP.

SUMMARY OF THE COMPARISON IN A TABLE FOR CLARITY

PARAMETER	ETHEREUM (ETH)	RIPPLE(XRP)
NATIVE CURRENCY	ETHER(ETH)	XRP
YEAR FOUNDED	2015	2012
TIME TO COMPLETE ONE TRANSACTION	16 secs	4secs
NUMBER OF TRANSACTIONS PER SECONDS	15	1500
CONSENSUS MECHANISM	PROOF-OF-WORK	FEDERATED BYZANTINE AGREEMENT (FBA)
TEAM	ETHEREUM FOUNDATION	RIPPLE LABS
PRICE	$2,470.83	$1.77
SUPPLY	115,479,375ETH	45,404,028,640 XRP

CONCLUSION

ETHEREUM and RIPPLE are popular blockchain platforms.Ethereum is mainly for smart contracts and other DApps while Ripple is mainly for transfer of funds.
However both ETH and XRP could be bought, stored and sold from one user to another.

The Ripple blockchain is faster than the Ethereum blockchain in terms of number of transactions and the time taken to complete one transaction.

Thank you professor @alphafx for this lecture and opportunity.

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