What Is Ripple ? (Explained)

Hey crypto people again 🖐️

Today we're going through a very popular cryptocurrency as well as different cryptocurrency, Ripple (XRP). In this article we'll see how ripple is different from other cryptocurriencies, it's origin and it's features.

So, let's dive in...!!

What Is Ripple ?

Ripple is a project behind cryptocurrency XRP. As most of the time cryptocurriencies are recognised by its project but in this case the project is recognised by its cryptocurrency. Unlike other cryptocurriencies like Bitcoin or Ethereum, Ripple does not need to high energy power to mine & bring coins into circulation, instead of that the project itself created the total number of XRPs at the time of inception and they sell it gradually as they need.

Almost every blockchain projects are intended to focus on decentralisation or simply keeping common people as the adopter but the Ripple project is completely opposite, here they focus on developing things to help banks and Other financial institutions to move money faster and without fees.

Do You Know ? 💡💡

The smallest unit of Ripple (XRP) is called as 'Jed' and it was given by the ripple community after Jed McCalab, one of the companies founder.

Who Invented Ripple ?

The skeleton of todays Ripple project was made by the web developer Ryan Fugger in 2004, but the project wasn't growing until the team of Jed McCalab and Chris Larsen jumped into it in 2012. With the help of the skeleton and the collaboration of those two peoples Ripple had reached to the height of success that we see it today.

In just two years after teaming up ripple started to grow and they found their very first customer bank in 2014, after three years, in December 2017 XRP became the world's second largest crypto with the value of $ 73 billion.

Do You Know? 💡💡

15 out of 50 major banks in the world uses Ripple to move their money around the world.

Key Facts About Ripple

• Super Fast Transactions : Ripple can move money in just 3.5 seconds and can process 1000 transactions per second same as that of the popular visa. On the other hand Bitcoin can process only 7 transactions per second.

• Cheap Transactions : According to the current available technologies for banks to move their money Ripple is not only just cheaper than others but it's cost is far less than that of those available technologies.

• It's centralised : Banks act as nodes on the network, giving them more control over transactions.

Fun facts

• Chris Larsen, one of the founder of Ripple holds most of the Ripple coins (XRP), somewhere around 5 billion XRPs

• Currently Ripple own more than 50% of total supply of XRP, approx 60% and they XRPs every month which worths aroun 300 million US dollars

Future

Currently the use of blockchain technologies by world banks isn't certain and no one can tell surely. As Ripple focuses on bringing top world banks on their platform, the future of Ripple also isn't certain.

But if the world's leading banks accepts to work with Ripple and in future ripple became the business-platform for all banks then Ripple can be the most shiny crypto.

Recent Articles

1) What Is Basic Attention Token (BAT)

2) Basic Trading Terms That Every Trader Should Know (Part-1)

3) Fundamental Analysis & Crypto Trading

Hey guys this is it from my side, hope you enjoyed this article. If you want to get notified for my future articles then subscribe @Ashma

Share your feedback in comments.

Thanks for your time and appreciation 🙏🙏