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What is Ripple?
Ripple coin (XRP) is a real-time transaction system, which is called Real-time gross settlement (RTGS), or Ripple Transaction Protocol (RTXP), or simply Ripple protocol. Ripple is a distributed open source system, which is only in Beta version, and it can generate digital money. Ripple network is born in 2012 with the purpose to help everybody to use bank services, PayPal service, credit card services and other financial services low-costly and fastly.
What is Ripple?
Ripple is based on Blockchain architecture, which is the same as Bitcoin, in order to execute transactions faster.
Developers of Ripple
Ripple or Ripple Protocol was built and developed by a company named OpenCoin. Its CEO is Chris Larsen, and its CTO is Jed McCaleb. Larsen was the co-founder and CEO of E-Loan, which is a financial company, and McCaleb came from Mt. Gox, which is an exchange trade. Other members of Ripple development team are experts of cryptocurrencies, especially the Bitcoin.
CEO of Ripple – Chris Larsen
Is Ripple the same as Bitcoin?
It is obvious that newcomer, who has just started to learn about Ripple, considers if Ripple is the same as Bitcoin. The answer is “somehow”. XRP which is the money unit of Ripple is a kind of cryptocurrency operating based on mathematical formulas. So, it has a limitation of releasing number and uses peer to peer network, which is the same as Bitcoin. One more thing that is similar to Bitcoin is that Ripple cannot be faked, cheated and inflated.
However, the purpose of Ripple is to support Bitcoin, and not to take over Bitcoin. Ripple network is designed to support money transfer process, to make it more constant and faster, no matter what kind of money they are: USB, Euro, Pound, Bitcoin etc.
XRP is a distributed network, it is not depended on any company, organization. Therefore, all of the transaction information is always in safe and private.
What are differences between Ripple and Bitcoin?
Ripple exchange rate
According to Ripple’s developing team, there will be 100 billion XRP to be released, in which the company will keep the half, and another half will be transacted in the market. At present, when I am writing this article, one Ripple can be exchanged for 3.24 USD, and its market capitalization is about 125 Billion USD.
If you are interested in this currency, you can monitor its rate daily in here: https://coinmarketcap.com/. In addition, if you want to invest in Ripple seriously, you should always update news relative to Bitcoin and Ripple, because Ripple value is directly affected by the market news and Bitcoin value.
Ripple attracted many big Banks in the World
In the list of Ripple strategy partners, there are some big names such as Google, IDG Capital Partners, Anderssen and AME Cloud Ventures. Count to now, the total funds that have raised for Ripple network is about 93 million USD. This is a huge number for a new startup, which was published in 2012, like Ripple. According to statistics of Coindesk, the total funds of Ripple is the fourth biggest number compared to all cryptocurrencies.
Ripple World-wide ambitious
The CEO of Ripple, Mr Chris Larsen announced that the developing team is now ready for their world-wide plan.
He said to CNBC:
“We are expanding our representative offices. Ripple want to expand and develop more, maybe in some new fields. We now hurry to recruit more staffs and developers in order to work with the domestically local banks.”
After the office in Luxemburg, the next area that Ripple is targeting is Frankfurt (Germany) and Singapore. Mr Larsen said that once the number of connecting devices would have reached the giant number on the internet century, there will be a boom in demand of transacting across countries. Banks will need Ripple to solve this event.
He also said that they are starting to support smaller startup teams in cryptocurrency field.
President of Luxembourg, Mr Xavier Bettel (the left man) visited Ripple’s new office
Above is the article about “What is Ripple?”. Hopefully, I have found useful information from my article. Please follow me for more cryptocurrency article. Thank for your reading.