Steemit Crypto Academy |Season 2: Altcoins – Part1 "Looking beyond the Bitcoin" @yohan2on |

Hello steemians!
Here's my entry in respect to the homework task assigned by crypto professor @yohan2on original post here

Homework task: Write about any one of the following Altcoins
Litecoin (LTC)
Ripple (XRP)
Binance coin (BNB)

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What is a ripple coin?
Ripple XRP isan cryptocurrency designed for use on the ripple network in order to quickly transfer funds between traders and buyers who use different currencies.

Ripple Labs, a U.S. technology company, has established the Ripple Network as a platform used by banks and financial institutions to quickly and at a lower price to convert ripples internationally. Traders, money recipients, and banks can transfer their local currency to Ripple, send local currencies to a local destination, and convert the ruble into the currency accepted by the trader.

This reduces both transfer times and fees on banks that may not have a direct relationship with a foreign institution, as long as they are both on the ripple network.

How does the cable work?
The ripple network is based on independent computers around the world to monitor the history of each currency by keeping a record of transactions, similar to the mechanism of operation of other cryptocurrencies, such as Bitcoin and Ethereum.

Since this record is not maintained in a central location, this register is called the decentralized register system. This decentralized system allows for increased transparency on which banks rely on sending ripples to other registered financial institutions around the world, as banks now enjoy the advantages of a larger financial network that they may not have had in the past.

For example, if a trader in Prague wants to sell a commodity or service in Czech corona currency (CZK) to someone using the New Zealand dollar (NZD) there may not be banks in these countries that have a direct relationship with each other, the traditional way of transferring money was to send money through a network of banks, wasting time and charging fees along the way.

Ripple allows the bank or 'portal' to simplify the process by changing the local currency for those who pay for the digital ripple currency. It can then be changed back to the trader's local currency in just seconds when it reaches the recipient's gate, or is kept in the ripple currency.

How far is the cable open source?
Ripple is the main network of communication between global banks and financial institutions. They use this platform to easily transfer money to all over the world using the ripple network currency.

Ripple Labs, which manages the network, develops protocols, and these financial institutions reduce processing times, ensure transparency of the protocol, and report suspicious activities such as money laundering. While auditors operate independently, ripple network operations are centralized and not open to developers.

Ripple Labsi offers an open-source version of its software to developers who want to integrate ripple payments into their software and applications. This service is called Ripple X, and has open-source aspects.

Unlike other cryptocurrencies, Ripple's main services focus on rapid international currency transfers. This means that while their networks rely on a decentralized record and active certifiers, they still retain control over how the network is used to ensure confidence in their platform.

How is the cable network maintained?
Ripple money transfer systems are trusted by banks around the world. To ensure this trust while maintaining transparency, Ripple employs a combination of centralized and decentralized protocols.

Ripple Labs chooses the protocols that auditors must follow. In addition, it issues a unique UNL list recommended by trusted and verified auditors. Ripple network users are not required to use transaction verification tools, although they recommend it. In addition, auditors work independently without having to check in using a centralized system before updating their record.

This begs the following question - "Is the ripple a central platform or not central?" Rippel l is a centralized network with regard to protocols and online acceptance, and decentralized with regard to how transactions are verified.

Ripple products , including ripple currency, are designed to be transformed quickly and efficiently. The Rebel Labs network, consisting of active users, ensures the use of ripple currency as well as its ability to integrate payments into applications. This is one of the attractions for traders who feel that ripple retains itself for a long time.

Regardless of the practical application of the ripple currency, it continues to prove to be the most volatile tool that allows traders to offer more, allowing for profit or loss.

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Is the ripple currency similar to bitcoin?

In many ways yes. The "XRP" is similar to bitcoin, in terms of the digital shape of the currency based on mathematical formulas, and has a limited number of pieces, ultimately making it miningable. Both types of currency can also be transferred from account to account ( P2P) without the need for third-party intervention. In addition, both currencies provide digital security to protect against the possibility of currency counterfeiting.

Competition between ripple and bitcoin

The currency site is considered a complement to bitcoin,rather than a competitor. In fact, the site contains a page dedicated from ripple to Bitcoin owners. The ripple network is designed to allow the smooth transfer of any form of currency, whether dollar, euro, pound, yen or Bitcoin.

In addition to giving Bitcoin more ways to communicate with those who use other forms of currency, ripple promises to speed up transactions and increase stability. As a distributed network, ripple does not rely on a single company to manage and secure the transaction database. As a result, there is no wait for block confirmations, so that transaction confirmations can pass quickly over the network. In addition to another advantage of P2P use is the lack of a "central goal or failure point in the system".

Currency fees

Ripple
Ripple does not collect transaction fees in the same way as PayPal, banks and credit cards. However, a very small portion of each Ripple coin (equivalent to ~1/1000 cent) is deducted from each transaction. The aim of this deduction is to protect the system from attempting to place millions of transactions at the same time by any individual.

Currency value
According to coinmarketcap, the price of ripple reached $1,81 at the time of writing, equivalent to 0,00002809 Bitcoin,Capitalisation du marché:82 969 222 118 $US,Volume de négociation sur 24 h :27 076 330 914 $US,Offre en circulation :45 973 318 056 / 100 000 000 000

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