Ripple Review (XRP) and how does it work? : Price Analyses

Ripple Review (XRP) and how does it work?

Ripple is a private company that intends to create a global network of financial institutions (such as banks). It does this through the use of what’s called Rippenet, a blockchain software that can lower the cost of international payments.

To put it in their own words, Ripple is making a stand against “walled gardens” of financial networks that consist of banks and its many other intermediaries, as the entities restrict the fow of money with fees, fx charges and processing delays.

What is RippleNet?

RippleNet is an international payment provider for businesses such as banks and money services that use solutions provided by Ripple. The intention of these services is to provide a friction-less experience between all key players.

RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.

Bitcoin vs Ripple

The main difference between Bitcoin and Ripple are its differing consensus mechanisms. To put it simply, Ripple is not a blockchain, but uses consensus-orientated technologies to help it reach consensus.

Banks seem to enjoy using Ripple thanks to its ease of integration. After all, the coin was made for enterprise and can also be used for p2p transactions. The main goal of Ripple, however, is to move a substantial amount of money around the world as quickly as possible.

Ripple has so far been successful. It has processed over 35 million transactions to date and is capable of a maximum of 1,500 transactions per second by comparison Bitcoin can only handle 3-6 transactions and Ethereum can only handle 15 tps.

Another difference between XRP and its competitors is how the coins are issued to holders. To put it simply, XRP isn’t mined, but is instead issued at its inception, which makes it more comparable to a company share than a pure cryptocurrency.

How to buy ripple

The easiest and most convieneint way of buying Ripple is through using a service named Changelly.

The service has low fees and can convert USD to Litecoin Easily.

 

Matthew North

I have a passion for trading, behavioral finance, technology, travel, and writing. Contact: matthew@priceanalyses.com.