I am happy that the Crypto-academy has resume season 2 with a facelift. This week @yohan2on our able professor goes extensively to teach about altcoin and we are expected to write a homework based on any altcoin of our choice

Ripple(XRP)

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Altcoins are what I refer to as post bitcoin; this is because after Bitcoin emerged successful from its launching, other cryptocurrencies surfaced as the alternative to their predecessor. For the purpose of this homework, I will explain in a layman terms everything about Ripple XRP.

What many don't know is that Ripple and XRP are different but interconnected. Specifically, Ripple is a financial platform just like Steemit which is a social platform where users create content and are paid in Steem. Ripple itself is a financial platform where financial services takes place. Ripple through their platform creates a less strenuous method via the creation of Open-source and a Peer-to-Peer (P2P) exchange method. XRP is the cryptocurrency that is being exchanged on the Ripple Platform.

Ripple was released in 2012 by the Ripple Labs Inc. and was co-founded by Chris Larsen and Jed McCaleb. One unique thing to note in the foundation of XRP is that while most new cryptocurrencies are created through a process known as "Mining". XRP was launched without this mining with 100 billions XRP already raised.
One major thing that differentiates Ripple from other cryptos is that while Bitcoin aims to erase every form of intermediaries, Ripple(XRP) was released to be used majorly by banks

How does XRP work

If I @yuceetoria wants to transfer funds from Nigeria to Helen in USA, and supposing that both the sender's and receiver's banks are connected to the Ripple Network.

• First of all I will initiate the transfer from my bank to Helen's. They would have to provide a password before the transfer would be made.
• The Ripple agent connected to the bank would alert Helen's agent too about the transfer.
• A password would have to be provided by the Agent and if the right password is given then a transaction is performed.
• The transaction is made within seconds and an alert would be sent to both the sender and the receiver immediately.

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Ripple

• The release of XRP introduced a stress-free transactions that involves a trusted intermediary.
• The transaction performed in their platform is done within seconds.
• It is also inexpensive; unlike Ethereum that has a high gas fee, ripple proposes a less costly method.

RIPPLE (XRP) LAWSUIT

Sometimes, late December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc. and two of their major executives namely Garlinghouse and Larsen with a claim that they allegedly raised over $1.3 billions through an unregistered digital asset securities and that the two major executives aided the illegal transactions and through these had unregistered personal profit of approximately $600 million worth of XRP.

The lawsuit brought down the price of XRP with many crypto exchange suspending it's trading of the coin. Goodnews being brought from recent news is that Ripple has emerged victorious in their legal fight which shows its believers and holders that their faith in the coin was not in vain as currently the price of XRP is $1.80.

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According to [Coingecko.com] as at the time of these write-up,ripple is $1.81 with a 24-hour trading volume of $27,079,323,830. XRP is up with a 7.5% in the last 24 hours, with a market cap of $82,969,222,118 and is ranked #4.

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