Ripple is a great blessing for those who are involved in huge businesses and financial transactions as it is an amazing technology that can act as both cryptocurrency and digital payment network for all kind of transactions.
If we explore the history of ripple, we will come to know that it was initially named as Open Coin. Afterwards, in 2013, it was renamed as Ripple Lab. The founder of ripple cryptocurrency was Chris Larsen and Jed McCaleb. The coin for this cryptocurrency was labeled as XRP and it got its Bit License in 2015 in New York, America.
How does Ripple Operate?
Ripple is considered as the best digital payment means where money can be transferred in any form either USD, Yen or Bitcoin etc. for transferring procedure, Ripple requires an authentic medium which can be called as Gateway. A gateway act as a link between the two parties that want to exchange money. XRP is the digital currency that acts as a bridge currency to multiple kinds of currencies.
When it comes to currency exchange, ripple network takes only 3.5 seconds to activate the transaction and the fee charged for this purpose is also minimum equivalent to just a single USA penny.
Main Features of Ripple
- Ripple consists of a decentralized network where direct bank to bank transaction is possible and no central operator is required to regulate the transfer of money.
- Ripple is termed as the fastest as compared to other blockchain assets as it takes only 4 seconds according to an average estimate to settle down payments.
- Ripple can be easily connected to other financial systems and no changes in the payment process are required on the user’s behalf.
- Ripple is speculated as the winning cryptocurrency in the near future by the financial market analysts.
Future Plans of Ripple Cryptocurrency
To propagate the cryptocurrency business, the founders of Ripple have decided to invest 55 billion of Ripple tokens into escrow till the end of 2017. These investments will be cryptographically secured for the customer’s safety and satisfaction. Each year it is expected that the XRP’s liquid supply will raise by billion tokens with each passing month and will reach its highest peak by the end of 2022. With more progress each year, Ripple is considered that it will become a benchmark in the history of cryptocurrency.
Each passing day is bringing a boom in the list of its clients and according to the latest survey, by the date, June 23, 2017, Ripple proved to be the third largest cryptocurrency with a market cap equivalent to $11.94 billion. Here we are going a comparison table of Ripple market value as compared to other cryptocurrencies by June 2017. The regular trading rates of ripple in the market right now are $0.27 which is positively expected to reach $ 1 by 2018.
Major Difference between Ripple and Bitcoin
The best thing about Ripple is that XRP does not need any kind of miner to carry out transactions while as far as Bitcoin is concerned, it cannot activate the transactions without the use of miners. In short, Ripple is something quite safe to invest with.