Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin" for @yohan2on by @shahab1998 POSTING AGAIN BECAUSE POST WAS'NOT CURRATED.

in SteemitCryptoAcademy2 years ago

My this post of @yohan2on was graded but was not currated as you can see here in screenshot and link of my old homework is also attached here.

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And in this he screenshot attahed showing my post is getting expired in 10 minutes.

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LINK OF MY POST:
https://steemit.com/hive-108451/@shahab1998/steemit-crypto-academy-or-season-2-altcoins-part1-looking-beyond-the-bitcoin-for-yohan2on-by-shahab1998

HELLO STEEMIT members , i hope you all are fine and doing well, so this is my homework given by the honorable professor @yohan2on, First of all thankyou so much professor.

Crypto academy professors are doing their utmost to help steemit users learn about a variety of topics by sharing their expertise and information in order to help them make better use of this enviroment and helping us to not only learn but also enhance our skills here.

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Homework task: Write about any one of the following Altcoins

Litecoin (LTC)
Ripple (XRP)
Binance coin (BNB)

ALTCOIN

Altcoin are basically a type of cryptocurrencies which are alternatives to Bitcoin, and their presence has been seen as mandatory comparision in crypto world, and even some of altcoins have more interesting feature most famous Bitcoin. Ethereum Ripples , Litecoin and several others in the crypto world are examples of Altcoins.

Altcoins are alternative currencies that address problems with bitcoin alternatives due to a number of issues that have arisen, such as high uncertainty, which has led to a decrease in value. As a result of increased BTC and the movement of the crypto market, altacoin and other altcoins are experiencing rapid growth. I am Selecting Ripple (XRP).

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What is Ripple (XRP) ?

Ripple (XRP):

Ripple is a cryptocurrency created by Ripple Labs that is structured differently than bitcoin's framework. XRP is the name of the ripple token. XRP is a protocol same as we hav internet protocols which are HTTP and TCP/IP, which are mostly used to manage the data and orginixe the webpages.
Basically, It is a free software alternative currency. It was founded in 2012 in the United States of America by Chris Larsen and Jed Mccaleb.
To make transactions easier, Ripple actually is modification of a credit system that is used for the transfer of money between suppliers and buyers. In both situations, each party must be a member of the Ripple connection.

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WORKING OF RIPPLE:

Ripple is an open source program in which several computers communicate and transfer information at the same time. Ripple records and watches each coin, making a complete record and storing them in the same way as ETC or other crytpo coins store.
Unlike Bitcoin and Ethereum,, XRP focuses on cross-border digital payments. In comparison to bitcoin,
Basically XRP focuses on digitals payemnt unlike BTC or other coins like ETC which store their crypto assets on the blockchain. Ripple's XRP is a faster and less expensive option. Ripple facilitates transactions by allowing them to be completed very fastly even in few mili seconds. While XRP and Ripple are often confused, they are technically distinct. Ripple is a payment network that uses an open source protocol, while XRP is a digital asset that is not related to Ripple.

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WHY I SELECTED RIPPLE INSTEAD OF OTHERS?

XRP was designed to reduce transaction costs and improve processes. If we continue to make payments through the bank, as we did in the previous period, money will be consumed over time. As we know it consume alot of time and power in banking espacially most of the time servers of banks also gets down. And not only this but they also deduct extra money and amount on transfering money from one country to other country and these deductions and charges increases as amount of transfer increases like If we send $1 million to another country via bank transfer. The bank would subtract three percent to 35 per cent of the transaction fees. As a result, we should use Ripple to prevent this scenario. XRP is not only safe bui also it is very fast without any sort of extra duductions and extra charges.

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PROS AND CONS OF RIPPLE

PROS OF RIPPLE(XRP):

~ Transactions in ripple are very fast, The pace at which a transaction is completed gives both buyers and sellers trust in the transaction. Ripple enable the user to do transaction in 3-5 seconds.

~ With exceptional precision and consistency, XRP can handle over 800 transactions in a single minute even.

~ Ripple has been embraced by over 100 organisations and even more and is assisting them in the transfer of funds and sharing large amount with ease and very fastly.

CONS OF RIPPLE(XRP):

~ Since Ripple has been pre-mined, there are almost no opportunities for common nodes to participate in the network.

~ As it is a private organizations so there is always a risk that compnay can control the currency.

~ Another biggest drawback of Ripple XRP is that we cannot do mining on it.

PURCHASE OF RIPPLE(XRP):

Purchasing Ripple XRP is not a difficult task and it is more easy if you have knowledge of cryptocurrency and coins, The procedure for buying XRP is also very straightforward. Simply establish an account on the exchange, check it, and transfer the money.
This is Binance App, as you can see in attacted screenshot there is an option of Buy and even Sell XRP, it is very easy and human friendly.

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CONCLUSION:

Ripple is basically a currecy that have solved problems and issues related to sending and receiveing money across countries and processing and transfering in Ripple is very fast even in few seconds. To make transactions easier, Ripple actually is modification of a credit system that is used for the transfer of money between suppliers and buyers. In both situations, each party must be a member of the Ripple connection.

Thats all , This is my homework professor @yohan2on i hope you like it and once again professor thankyou so much for this informative lecture, This post is totally plag free.

Please share your valubale feedback.

Thankyou
@yohan2on
@steemcurator01
@steemcurator02

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Hi @shahab1998

Thanks for your attendance and participation in the Steemit Crypto Academy

Feedback
Fairly done! Kindly ensure that you do enough research study so that you can be in a much better position to create a much better and quality article with clear and in-depth explanations of the coin concepts and technicalities.

Unfortunately, you did not follow the rules of the homework task. You did not add the correct exclusive tag to your article.

Homework task
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