What is Ripple?

From Wikipedia, the free encyclopedia

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples)

Definition

Real-time gross settlement are specialist funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real time" and on a "gross" basis. The phrase "real time" specifies that a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. A remittance is a transfer of money by a foreign worker to an individual in his or her home country.


From ripplecoin.com


Ripple coin the fastest and most scalable digital asset, enabling real-time global payments anywhere in the world. Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments.

Ripple provides global financial settlement solutions to enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value. Ripple solutions lower the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join the growing, global network of financial institutions and market makers laying the foundation for the Internet of Value.

Elucidation!!!

Cryptcurrency is dominating the world and the ripple currently reserving the forth position on the coinmarketcap is taken a greater percentege in volume per hour. It's market capitalization has reached $8,470,959,893. The ripple is an open-source technology, built on the principles of blockchain with a growing set of validators. Ripple was released in 2012 and was made for the purpose of facilitating transaction processes enabling secure, instant and nearly free global financial transactions of any size with no chargebacks." It supports multiple tokens such as fiat currency, cryptocurrency, commodity or any other unit of value.

Most of the newly established cryptocurrency platforms are made for a specific purpose and these purpose are to simplify our basic life activities using a decentralized system. The Bitcoin was the first decentralized cryptocurrency that was made and uses a decentralized ledger known as blockchain to confirm all transactions, shortly after the bitcoin become very valuable, other cryptocurrencies began to come into existence. Every of the cryptocurrencies were made only to complete their transactions through the blockchain network but one common thing about the blockchain confirmation is the sluggish rate of its transactions.

The speed at which a transaction can be confirmed is dependent on the blockchain service at a particular moment. If the service tend to be at good state, transaction could take up to 20 minutes to be confirmed, but if otherwise, an hour or two could be the maximum. One of the purpose why the ripple was established is to alter the rate of confirmation of payment between banks or user of cryptocurrencies. Ripple makes it possible for transactions to be carried out in a matter of seconds with low cost of foreign exchange. Hence, in simple term, ripple has been made to build the future of payments of fiat currencies and cryptocurrencies.

Ripple’s uses xCurrent enterprise software solution which enable banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. The ripple company expresses a great zeal and dedication saying “We are proud to be the first bank in Asia to use Ripple’s leading blockchain network solution to power real-time payments for our customers, whose families oftentimes depend on the availability of these funds for basic needs - time is of the essence to them.”

The ripple should likely be considered a platform. It has it's own token called the Ripple Coin or XRP. XRP is the digital asset that can be transacted from one ripple wallet to another and can be exchanged with other fiat currency or cryptocurrencies. Since january 2017, the price of the XRP has inflated speedily form $0.0006 to about $0.3 by the end of may. Although, there was slightly a drop in the price which was worth about $0.220921 at the end of august. Rise and fall in price of an asset such as the cryptocurrency is a basic phenomenon and the ripple coin (xrp) is not exempted.

Although the ripple xrp is not at the maximal price, but yet ripple is now one of the most valuable startups worldwide. It has so much value that it swerved up the coinmarketcap list into becoming the third but again droped to the forth. This was due to great competition between the ripple and other decentralized crypto assets.

Price and Explication

Like other digital assets, XRP is often a source of confusion, mystery and speculation. There are nine important things about the ripple that you need to know.

Read article... Nine Things you need to know about XRP

On the article, the increment of XPR can be explicated from the content. The ripple may likely not be considered fully decentralized to be able to have third party interference such as the bank. But however, that is likely the more reason why the demand will be high. Transactions from foreign countries that are takes up 3 - 5 days to be sent or received by merchant in which high payments risk are involved. But with the ripple solution that hold the capability of sending international transaction within seconds at a low fee, there is no doubt that ripple will be most required in the modern world which will extend its value and set an addition to the XRP price. Look at what they said

"Our solution involves creating a common standard for payments and using XRP as the digital asset that will bring together currently disconnected ledgers and blockchains"

Blockchain is a ledger that is not connected with any other and no one have access to it because it is decentralized. Some cryptocurrencies does not use the blockchain ledger to confirm their transactions and most time are not generally accepted or recognized because they are disconnected from the blockchain network. Some of those cryptocurrencies have a high price in exchange with fiat currencies but they do not have much partners that will support the exchange of the currency.

If the XRP should successfully bring together all disconnected ledger with blockchain, then those currency that are high in price but not connect to blockchain ledger will be accepted by merchants round the world and the XRP will again become more valuable because most programmers will need it to connect their ledger with other ledgers for easier, faster and acceptable transactions.

"Bitcoin can process up to seven transactions per second, any of which can take more than two hours to clear... The XRP Ledger processes more than 1,000 transactions per second and can scale to the same throughput as Visa, all in real-time."

The speed at which XRP will process transaction is extremely fast. The XRP will not only process it's own transaction at a fast rate, since it can connect with cryptocurrency ledgers, it can also alter the rate of bitcoin transaction which will enable it to confirmed within seconds.

"Bitcoin is a mined digital asset, meaning that new coins are constantly created by huge datacenters processing complex math problems, or “proof of work”. This inefficient system demands massive amounts of electricity – the cost of producing one coin could power 3.67 US homes for a day – and has been called “unsustainable”. XRP is not a mined digital asset so every single unit of the currency that exists now has already been created, with most owned by Ripple (55 billion of which is held in escrow) and the rest held by companies and individuals."

The bitcoin has a limited amount that can be made, but since it has not reached it's maximum limit, miners will keep mining. The XRP also has it's limit but all has already been made at maximum and does not require further creation of XRP. Althoght, the mathematical problems and proof of work required in bitcoin mining is a good source of income for miners because they get the transaction fee made for each transaction they confirm, but the XRP with its dynamic feature that will be a great benefit to cryptocurrency users but still consume small power at not cost is what has made it sustainable. This is another reason why there will be a drastic increment in the price of the XRP.

"There were 100 billion XRP created at Ripple's inception, with no more allowed to be created according to the protocol's rules. As such, the system was designed so XRP is a scarce asset with decreasing available supply. Not dependent on any third party for redemption, XRP is the only currency in the Ripple network that does not entail counterparty risk, and it is the only native digital asset. The other currencies in the Ripple network are debt instruments (i.e. liabilities), and exist in the form of balances. Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange. Each Ripple account is required, however, to have a small reserve of 20 XRP."

 

"XRP is the future"

It sure is. What does it mean when they say an asset is the future. It means that it is going to dominate the current system or utility that possesses the same function with it making the current utility less valuable or putting it into extinction. XRP decentralized ledger ecosyatem has extended  to over 55 validator node with more valid nodes to be distributed around the globe as time goes on. XRP will do a lot in the financial sector and those who posses it now may not know what they have, but just like bitcoin, they will rejoice about it in the future.

When the market capitalization and XRP volume has risen further with thousands, millions or billions of nodes distributed successfully around the globe, there will be a great increase in price of the XRP.


XRP Wallet

This is a is a secure digital wallet used for the transaction of XRP. To receive or send XRP, you have to create a wallet. Some cryptocurrency companies such as kraken or bitstamp allow multiple cryptocurrency to be transacted through their wallet so you can send XRP directly if you already have a wallet with those companies. However, you can also create a special wallet for xrp transaction alone using gatehub

If you want to buy XRP, CLICK HERE to check out exchanges that sells XRP


How to Get Free Ripple coin (XRP) every hour

Just as bitcoin uses satoshi as it's smallest unit, (100,000,000 Satoshi = 1 Bitcoin) the ripple xrp also has it's smallest unit known as a drop (1,000,000 drops = 1 XRP). The instinct price of xrp is quite low at $0.228733 so ripple faucet website offer ripple coin (XRP) directly instead of drops. Presently, there is only one active bitcoin faucet that offers 0.001 XRP to 5 XRP every hour. If you can earn as many XRP as possible now, you stand a chance of becoming a valuable asset owner when the currency has finally gotten to it's uppermost limit. The fact is, by the time XRP has extended through out the world and grown in its price, the rate of XRP being issued by ripple faucet website will decrease (e.g to 0.00002 XRP) and then they will begin to offer drops instead of XRP, but those who are lucky to win 5 XRP in multiple tries and earn up to 100 XRP have set themselves financially free for the future.

So, you want to earn free ripple huh?

Ripple faucet is website that you can use to claim 0.001 XRP to 5 XRP just by submitting your ripple address and solving captcha. Ripple faucet is giving away XRP every 60 minutes! These are the lucky amount of ripple you can win per try.

0.001 XRP,  0.002 XRP , 0.005 XRP , 0.01 XRP, 0.05 XRP and 5 XRP

So hurry now and get your free Ripppppple coin!!!

VISIT RIPPLE FAUCET WEBSITE