Steemit Crypto Academy Season TWO, Week 1, Homework Post for @yohan2on

Hello Professor @yohan2on
this is my post

INTRODUCTION TO RIPPLE {XRP}

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Ripple was co-founded by Chris Larsen and Jed McCaleb which was released in the year 2012. Ripple is made up of two different components i.e. XRP which is the digital currency and RippleNet which is the network platform for transactions. Ripple is ranked 4th in the coinmarketapp.com

Ripple is a remittance and currency trading system created for banking systems to enable direct transfer of funds or assets with ease, without delay.

Diffrence between Ripple and XRP

We generally call XRP as Ripple but technically speaking, Ripple is not a cryptocurrency but refers to the digital payment network or company . The cryptocurrency is actually XRP. But for sake of simplicity, by Ripple we mean XRP.

HOW RIPPLE (XRP) WORKS

Contrary to Bitcoin, it does not work under blockchain technology, but works under the support of several independent computers around the world and thus monitor the transactions of each history of the registered currency, functioning the same as other currencies.

It is a system that has greater transparency allowing banks to send XTRs once they have already been registered with other financial institutions worldwide.

At the time, merchants who want to sell a service with a price in a different currency, to someone who is using another type of currency. It is to use the transaction in a traditional way by changing the funds through a network of banks where it would be delayed and would be generating commission expenses throughout the transaction.

Benefit of Ripple

Instant Transactions: Transactions using Ripple takes place in less than 5 seconds to be settled. This makes Ripple a faster means transaction than Bitcoin which takes about 500 seconds.
Low Transaction Fee: Transaction fee using Ripple cost about $0.0002 which is very low compared to other payment methods.
Scalable: The XRP ledger can carry about 1500 transactions per second. This makes XRP a faster means of payment transfer than Bitcoin which handles 3 transactions per second.
Decentralized: Transactions using Ripple is carried out in a decentralized manner. This means that there's no third party or central authority over its control.

ripple net

Ripple net is a network provided for institutional payment like banks and money services businesses use to his solution to provide amicable experience when sending money across the globe. The ecosystem include the following

• xcurrent
• xrapid
• xvia

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.

XRP Price

Recently XRP was pumped to $1.57. It has increased by appx.

Why chose Ripple (XRP)?

The reason for selecting XRP is that anyone can transact more in a very short period of time and the amount of resources spent will be much less so that the customers will benefit and they will benefit by translating in a short time. It is much faster and faster than banks and many other transactions and can send large amounts through a lot of securities. Its security system has been so digitized that it will be impossible for a third party to convert all the transaction messages from infection to description. Because there are many types of security procedures. Another important thing is that one can translate any time any day of the week so that he does not have to catch any kind of serial and does not have to worry about security. Exchange websites will always be committed to support him

conclusion

As a cryptocurrency, Ripple provides the security and trust that companies need when conducting transactions. Its long history of use has provided value to investors and businesses, as well as transactional reliability.

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Thanks
@yohan2on