The popularity of Ripple has been upsurging in the cryptocurrency world due to its emerging features. The name of Ripple’s cryptocurrency is XRP, while the name of Ripple’s network is RippleNet. XRP is one of the most traded coins at the current. While RippleNet is one of the fastest network used by most banks and financial institutions. Creating a global network for the banks and the financial institutions so that they can use Ripple software at a minimum cost are aims of Ripple.
Mentioned below are 10 things about Ripple you must know before stepping into the world of Ripple.
Ripple’s XRP operates on the RippleNet. It can be used as a bridge currency to other currencies. It is the world’s second largest cryptocurrency by total market capitalization as of December 2018. The current Market Cap of Ripple is $12,244,700,506 and its circulating supply is 40,926,963,305 XRP.
XRP Wallet stores and secures funds. It comes in the forms of a mobile wallet, a desktop/web wallet, a hardware XRP wallet, and a paper wallet. You can use the mobile wallet on your smartphone and its examples are Toast wallet and Abra wallet. The desktop/web wallet is an app which can be downloaded on your computer and its examples areRippex, Exarpy, and CoinPayments. The hardware XRP wallet is a tamper-proof USB device that can be used to store money offline and its example is Ledger Nano S. The paper wallet is a piece of paper, having public and private keys printed on them.
Ripple Gateways give entry to customers into the RippleNet for transferring their funds, both cryptocurrency, and traditional currency. It allows deposits in a few cryptocurrencies (BTC, XRP, LTC, NMC, PPC, SLL, and NXT) and fiat currencies (USD, NZD, NOK, JPY, CNY, GBP, CHF, and EUR).
How To Buy XRP
Not all cryptocurrency exchanges have Ripple’s XRP. You can buy Ripple with USD on Cex.io, Kraken, and Bitstamp. Some of the famous exchanges that trade XRP/LTC are Bitsane and Mr.Exchange. A few exchanges that trade XRP/ETH are Binance, Bittrex, Gatehub, OKEx, Upbit, and HitBTC. Some exchanges that trade XRP/BTC are Poloniex, Huobi, Bitfinex, Kraken, and CoinEgg. You have to sign up before buying or trading XRP on these exchanges.
RippleNet is recognized as a network of institutional payment-providers. Axis Bank, BBVA, MUFG, Yes Bank, SEB, eZforex and Cambridge Global Payments are the banks using RippleNet. Transactions are done within seconds through RippleNet.
Ripple Protocol Consensus Algorithm (RPCA)
Ripple doesn’t work on consensus algorithms like Proof-of-Work (PoW) and Proof-of-Stack (PoS). It has its own patented technology called Ripple Protocol Consensus Algorithm (RPCA) for the verification of transactions.
Ripple Labs, an American technology company, was founded in the year 2012. Chris Larsen and Jed McCaleb are the co-founders of the company. It is located in San Francisco, California, the United States. It is previously known as an Opencoin. Ripple payment protocol and exchange network are developed through Ripple Labs, Inc.
xCurrent, xVia, and xRapid are three solutions of Ripple. xCurrent is a software used by banks for the settlement of cross-border transactions. xVia helps payment providers, corporations, and banks in sending payments around multiple networks. xRapid is recognized as a liquidity vehicle. It is specially designed for those banks and financial institutions who use Ripple XRP token as a bridge currency.
Ripple Can’t Be Mined
Unlike Bitcoin (BTC) and Ethereum (ETH), Ripple’s XRP can’t be mined because its existing single unit has already been created. It means that Ripple’s XRP doesn’t need to use the electricity and the computing power to generate new coins.
Future XRP Market
The future prediction for Ripple’s XRP depends upon various factors. The market capitalization, the number of investments, and the system integration into banks are some of the factors.