Ripple – What is it?
Ripple is a payment protocol that is also popularly known as “Ripple Transaction Protocol” or RXTP as well as “Ripple Protocol”. It was established in 2012 with the mission to provide consumers with a “frictionless” or effortless experience to transact money throughout the world by implementing the efficiency of block chain. They have several renowned offices and bank associated with them (90 at present), covering areas like Luxembourg, San Francisco, Singapore, India, London, Sydney, New York and so on. Apart from a string of masterminds working behind it, a number of investors like Accenture, Google Venture, and Andreessen Horowitz etc have catered for the growth of this platform for cryptocurrency trading. Online trading has taken a very dynamic turn owing to Ripple’s rapidly growing market strategy, like that of Bitcoin trading, Litecoin traiding and Dash traiding. The various aspects of ripple are as follows:
- Ripple expedites transactions and increases stability far more than any other forms of cryptocurrency protocol and it also lets Bitcoin to establish a connection with other variety of currency.
- Ripple is a distributed concern and hence, it hardly depends on a singular company for management and security of the database of transaction.
- There happens to be no sort of “waiting on block” for securing confirmation and thus, execution of confirmations for transaction purposes go through the network as swiftly as possible.
- As there is the absence of any central or target point to meet with failure being in the system of the protocol, the advantageous position of “peer to peer” facilitates.
- About 100 billion ripples have been created, among which the company has retained the half while circulating the rest among the consumers.
- Ripple is not entirely free as it charges a nominal fee (close to one part of thousand parts of a cent) for security purposes. Instead of retaining the amount, it is destroyed so that the system may not be jammed by any individual who plan to invest about a million or more.
Building the future of modern modes of payment with Ripple is extremely prospective; Ripple is very proactive and it plunges into real problems to solve them as quickly as possible for their customers. Given their “out of the box ideas” as well as their zeal to overcome obstacles, the apparently confusing procedure of global payments has become extremely convenient. Their ability to solve any problem with creatively and passion is highly praiseworthy.