What is Ripple?
Ryan Fugger developed Ripplepay in 2004 which was the former to Ripple, The main difference between Ripple and its rival cryptocurrencies is that it is centralized, this is a criticism of the cryptocurrency by some individuals in the digital currency world.
Ripple was released in 2012 with the intention of sending global payments of any size securely, instantly and at much lower costs. Also known as the Ripple Transaction Protocol (RTXP) they are specifically targeted at the financial industry, they have tailored their technology to fit in with a bank’s current infrastructure making it an extremely exciting prospect in the crypto world.
Ripple vs Banks!
Ripple may eventually replace SWIFT, the current system in use across the banking industry. SWIFT payments can take 4-5 days to send in comparison to the Ripple Protocol which takes on average 3.5 seconds to send and can handle up to 1000 transactions every second.
Ripple works by users making payments either in their own fiat currencies or in Ripple’s own currency (XRP), payments in XRP will be directly on the Ripple ledger. Payments in other currencies will simply be converted into Ripple for the payment then the ledger will take into account what is owed between the parties.
There are 100 billion Ripple(XRP) created however only around 38 billion in circulation, the other 62 billion are held by Ripple which has caused concerns over the fact they could just sell them which would in turn ruin the cryptocurrency and the business model.
In answer to this Brad Carlinghouse, the CEO of Ripple announced that 55 billion Ripple would be placed in 55 different escrow contracts each containing 1 billion Ripple and would be released over the course of 55 months. This would mean 1 billion Ripple per month would be being released for use and whatever isn’t used would be placed back into escrow at the back of the queue.
Recent Ripple News:
Best Ripple Wallet to use!
Ripple is supported by many cryptocurrency wallets, including the hardware wallet ledger! Hardware wallets are without a doubt the safest way of storing any cryptocurrency. They keep your private keys securely offline making it impossible for online hackers to steal your funds! The ledger does cost though, so if you’re looking for a less secure but cheaper option, there are other options such as Abra, or Toast Wallet!
Ripple have many connections in the corporate world, including many in the banking and finance industry. These connections have enabled them to hire experts in the field and secure big name partnerships.
- The bank of England! – The Bank of England announced they were testing Ripple for cross border payments, launching a proof of concept. Read more
- Western Union & Cambridge Global Payments – Cambridge Global Payments, a worldwide payment solutions provider and subsidiary of FLEETCOR Technologies, and Western Union Money Transfer, a global payment transfer service that is a brand in emerging markets, will be piloting the use of Ripple’s cryptocurrency (XRP) for cross-border payment transfers. Read more
- Santander – Ripple powered mobile payments app launched by Santander, a move considered to be one of the first global banks to roll out distributed ledger technology based payments for individuals. Read more
- Bitlicense architect, Ben Lawsky – The man responsible for drafting the bitlicense in New York City, Ben Lawsky joined the board at Ripple to advise on complying with upcoming regulation Read more
There are a whole host of other notable Ripple partnerships, but the above are some of the biggest and most prominent names.
There have been many rumours online that Ripple will be listed on Coinbase. The rumours were cleared up though after Coinbase clarified they have no plans to allow trading for Ripple in the near future.
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