Ripple Blockchain: What You Need To Know?

By Author: Block chain council
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When we talk about some of the popular Blockchain platforms, then we cannot miss talking about Ripple. If you are new to Ripple or have rudimentary knowledge about this concept, then this article will discuss the same.

Overview on Ripple

To put it in simple words, Ripple is an open-source Blockchain platform which allows faster transactions at a faster rate. Ripple is not just a Blockchain platform, but also a cryptocurrency. XRP is its currency, and this platform also allows you to create your own currency, but RippleNet. The latter is an ecosystem of institutional payment-providers like mobey services firms, banks, etc. The primary objective is to provide a seamless platform for global money transactions.

You would agree to the fact that Bitcoin is the pioneering cryptocurrency, but others have made their way into the market and have created a remarkable impact. One such currency is Ripple. Ripple is here to make the digital currency transaction faster and safer. It empowers creating an ecosystem which will create a safe platform for cryptocurrency transaction.

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... on XRP

The ripple network makes use of XRP currency. The current platform that is makes use of US dollars as a converting system. But this charges some fees for the same and takes time. Because of this, banks take time to process the amount between accounts in different countries. But with the use of XRP, the value of the amount that is to be transferred is converted into XRP, which nullifies the need for conversion, and there are no exchange fees charged for it. Moreover, the processing of a transaction takes only a few seconds.

Key Features of Ripple:

Platforms like Ripple have become popular because they ensure a faster transaction. Moreover, they create an ecosystem wherein you will find a safe and secure platform for the exchange of money. Interntayin payment can be time taking and would be expensive as it involves third-parties. The conventional method would take a few days or weeks, but with Ripple, you are assured that the transaction takes place faster and consumes lesser time.

Ripple platform emerged in 2012, and since then, it has created a new benchmark when it comes to digital currency transactions. Here are the key characteristics of the same:

• There is minimal unified commission when it comes to exchanging for any currency on this platform.
• It is a reliable platform that increases visibility, thereby increasing transparency and reducing the probability of payment failure.
• It allows instant payment
• It helps in capitalizing on operation cost, thus helping the business grow
• It provides digital security thus nullifying the probability of counterfeit coins
• Ripple Gateways ensure that there is a trust in the system, and the transactions are absolutely secure. It makes use of chains of trusts, which are links between two gateways that trust each other.
• Ripple works on consensus for transaction verification, where only a few nodes make and receive payment. The other nodes work as validators that carry out the consensus process. Since there is no centralized authority, Ripple is a decentralized platform.

How is Ripple different from Bitcoin?

There is a stark difference between Bitcoin and Ripple. Here we will be elucidating the same.

Bitcoin has Blockchain technology as its platform; Ripple makes use of distributed consensus ledger and crypto tokens called XRP. Ripple is also an open-source DLT that allows the development of decentralized applications.

Bitcoin can handle 3-4 transactions per second, but when it comes to Ripple, then the number is bigger. It can handle around 1500 transactions per second in its enclaves.

Bitcoin is a digital currency that is used for payment of goods and services, whereas Ripple is majorly used for bank and payment networks, currency exchange, and remittance.

Parting Shot

With time we have seen a surge in a number of cryptocurrencies. There are around 3000 of them in the market, but only a few of them have been able to gain mass acceptance. Ripple is one such currency that is known for its digital payment network and protocol. It has its own currency XRP which is used for faster exchange and remittance. This platform has been basically developed for banks and other financial institutions that are looking for a secured platform for currency exchange.

There is a minimal exchange fee, and the network of this platform is growing over the year. This platform also offers a payment layer that banks can use for cross-border transactions. All-in-all, it’s a great platform that holds a lot of prospects for the future.

If you want to start your career as a Ripple developer or Blcockhain expert, then its time to start a Blockchain certification course with Blockchain Council.

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/