What is Ripple ?
Ripple is a digital currency that connects banks around the world and allow them to offer real time cross border payment systems to their customers. Currently the cross border transactions require many intermediaries to execute, so the settlement takes days. This often creates cost and risk that make it difficult to meet today’s market demand.
Ripple enables crossborder payments to execute directly between banks within seconds and provides the banks end to end visibility throughout the whole process. Ripple is infrastructure technology banks can adopt to power new payment serveries, like low volume retail and corporate payment.
How Ripple works
The Ripple ecosystem consists of two main technologies The first is the Ripple protocol which is an open source protocol for inter-institutional transactions. The second is XRP, which is the native currency of the Ripple network. And can be used as the denomination when transactions are initiated on the Ripple network.
Hence, Ripple is a cryptocurrency that aims to revolutionize the present Global Settlement Network through cheap, decentralized and efficient (fast) means.
Now, if we realize that despite numerous advancements in the technology, the infrastructure for global settlement is highly backwards. Hence, the concept of Ripple comes into play. With Ripple, a new infrastructure comes with a better reliability and speed while reducing the costs.
Therefore, Ripple is aims to replace the use of traditional payment protocols and costly systems such as the Western Union and SWIFT.
There is no such thing as Ripple mining. And, without the presence of Ripple mining, the amount of XRP that is on the Blockchain will not deviate.Hence, the Ripple price will not be as volatile as its brethren cryptos!
What is Ripple
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How Does It Work
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How To Use It
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Ripple (XRP) is quite new in he crypto currency market. The technology behind ripple has been adapted by some of the worlds largest banks to simplify and offer real time cross border payment systems to their customers. Ripple is here to stay and it will change the way we pay and receive payments across borders.