Recently, the world have noticed about cryptocurrencies news. We all know that there are a lot of teething troubles with our financial systems. International payments are seem to be slow and cumbersome, and today with cryptocurrencies, new payment system has been created. This is what Ripple intends to change with its XRP tokens. Let discover latest news about XRP
Open Coin is the protocol builder of Ripple. It was founded by CTO Jed McCaleb and CEO Chris Laren. Both of them were in Bitcoin market previously, likely the same as other developers in the company. There are some marked points we should consider on Ripple’s background:
The XRP token was launched in January 2013.
In September, 2013, the company changed its name from OpenCoin to Ripple Labs.
Since October 2015, Ripple Labs has became ‘Ripple’.
1. Most of cryptocurrencies are now based on conventional blockchain technology, however, Ripple blockchain is totally different, it makes use of the concept of HashTree, that summarizes data into a single value.
2. You must specify which gateway (for example: institutions, or individuals) that they are connected with to the recipient, or ripple account holder when you initiate a transaction on the Ripple network.
3. There is a Validator system on the network that will vote all transations details based on their legality according to the rules of the network. Once a majority of the network’s node agree on the transaction, it is executed.
4. The XRP token itself is not used to send funds. Instead, the network, very simple, works by generating transactions consisting of IOUs (document acknowledging debt/due payments). It can be said that the execution of Such transactions that use XRP tokens as fuel.
5. With each transaction, some amount of these XRP tokens get exhausted forever. Therefore, the amount of XRP tokens will consistently decrease whereas the network load increases.
6. Ripple can not be mined the way other tokens are mined, unlike other coins on cryptocurrencies market such as Bitcoin or Ethereum, instead, it was issued at the time of inception.
7. In total, there are 100 billion XRP tokens were issued by Ripple company.
There are several banks that adopt the Ripple cryptocurrency technology quickly due to the speed of each transaction. For more specific, using XRP, these banks can provide their clients with liquidity. This can be done in real time and based on demand! That is the reason why we can eliminate the need of any pre-funding. It is also being adopted by several payment providers. Reaching new markets is getting easier because using Ripple payment system can reduce the time required for payment settlement and lower the foreign exchange costs with XRP.
1. Mtbit, the best cryptocurrency trading platform with high liquidity crypto, allows traders to compare prices for the Ripple coin at one place. You can easily see the best rate to make maximum profit and minimize your risks. You can also exchange cryptocurrencies for more than 45000 cryptocurrency pairs and XRP is one of them.
2. There is no need to rely on a separate wallet from the exchange to store your XRP coins on Mtbit exchange. Instead, all transactions can be traded from your own personal private wallets.
Once you buy a cryptocurrency unit, you need to store it in your “wallet”. You can both store Ripple online and offline. Gate Hub or Toast wallet can be considered as options for online holding while Ledger and Trezor are supporting offline hardware wallets.
Currently, Ripple XRP has became the third largest cryptocurrency in the world. It supplies of 100,000,000,000 XRP tokens in maximum, with currently about 39,241,525,848 tokens in circulation. In May 2018, the total market capitalization of Ripple is 26 billion USD.
The price of an individual Ripple coin is $0.68 USD. XRP has significantly raised in 2018 and it seems to be continued to see a massive rise in prices, exceeding 10x returns within a matter of months on repeated occasions.
The reasons why Ripple is fairly different from almost all the other cryptocurrencies we see traded in today’s times will be listed below.
Bitcoin is doing that, too. It is also allowing us to transfer funds from one place to another easily.
However, Bitcoin is finding it difficult to scale. Transactions are still slow, and they’re more expensive. This isn’t the case with XRP tokens - which allow transfer of funds within only 4 seconds.
In addition, the Ripple coin seems to be targeted at institutional markets – which is making it easier for banks to process payments and exchange value. Bitcoin, Ethereum, and other cryptocurrencies, in generally, focused more on the end users or consumers.
Although XRP crypto go up and down dramatically, Ripple’s XRP has emerged as one of the largest and popular cryptocurrencies in the world. Many users continue to consume more exchanges in XRP because of the low price of an individual Ripple coin, making it seem affordable to many.
Keep in mind that there is no other way XRP can be mined. Many might argue
that this isn’t positive since it leads to concerns of centralization of
power into one entity. However, the Ripple developers have this to
“The Ripple network is an open network. No one, including Ripple Labs, can prevent others from using or building on the Ripple protocol as they desire. However, when Ripple Labs provides software, such as the Ripple Trade client, Ripples Labs may impose additional requirements for the use of the software. As such, Ripple Labs will require identification of Ripple Trade account holders.”
In the first half of 2017, Ripple (XRP) was almost 4000% rise in its price, it made a huge news in cryptocurrencies world
1. Now, it is listed on more than 30 crypto exchanges. The price action or trades are enormous and moreover, Ripple may have a bright future because of its uniqueness in so many ways.
2. Ripple is highly focused on how to make the international payments easier – that can eliminate the market ripe for disruption, given that its run by legacy technology on the back of old banks.3. The company is working on technology which will enable it to process around 70,000 transactions per second! scalability of of XRP is incredible, overpass Stellar XLM.
If Ripple fulfills its objectives and maintains its position in the market, would we soon see XRP becoming the largest cryptocurrency of the world?