Our planet will be incomplete without technology. The technology has reached very far and we can conclude this by considering blockchain technology and cryptocurrencies like Bitcoin, Ethereum, Ripple, etc. Ripple has gained immense popularity due to its emerging features. It was launched with the aim of making digital money flow effortlessly around the globe.
Mentioned below are a few points which will help you to understand Ripple thoroughly.
What is Ripple
Ripple is defined as a gross settlement system, currency exchange, and remittance network. It is built upon that protocol which is distributed and open-source in nature. A US-based technology company called Ripple Labs Inc created Ripple. 2012 is the year when Ripple was released. Ripple has both a payment network called RippleNet and a cryptocurrency called XRP. Institutional payment-providers can work on the payment network RippleNet. RippleNet uses the cryptocurrency XRP. XRP acts as a bridge between two currencies. Becoming a fast and cost-efficient cryptocurrency for cross-border payments is an aim of XRP.
Ripple Labs Inc
Chris Larsen and Jed McCaleb are the founders of the US-based technology company Ripple Labs Inc. Ryan Fugger, Alan Safahi, David Schwartz, Ken Kurson, and Brad Garlinghouse are the key people of Ripple Labs Inc. Ryan Fugger is the Concept Originator, Alan Safahi and Ken Kurson are the Advisory Boards, David Schwartz is the Chief Cryptographer and Chief Technology Officer (CTO), and Brad Garlinghouse is the Chief Executive Officer (CEO) of Ripple Labs Inc. Opencoin is the former name of Ripple Labs Inc. 2015 is the year when Opencoin was renamed as Ripple Labs Inc. While 2012 is the year when the company was founded. The company is headquartered in San Francisco, California.
Ripple Protocol Consensus Algorithm (RPCA)
Ripple is built upon a patented technology called Ripple Protocol Consensus Algorithm (RPCA). You maybe wonder how RPCA works. Suppose, there are two hundred people living in an area. The approval from each one of them is needed for opening a new school in the area. Out of the two hundred people, if one person doesn’t agree on the plan, then the school will not be opened.
Banks Support Ripple
A Spain-based commercial bank called Banco Santander, S.A, an India-based private banking company called Axis Bank, another India-based private banking company called Yes Bank Limited, an Australia-based financial services company called Westpac Banking Corporation, an Abu Dhabi-based National Bank of Abu Dhabi (NBAD), and a Swiss multinational investment bank called UBS Group AG are the partners of Ripple.
Does Ripple Have Blockchain?
Yes, Ripple has its own blockchain technology. RippleNet runs on the blockchain.
Can XRP Be Mined?
XRP is not a Proof-of-Work (PoW) based cryptocurrency. Therefore, XRP can’t be mined and new digital currencies can’t be generated. XRP units have already been generated. The creation of 100 billion XRP was done at the initial stage of Ripple.
How To Buy Ripple
- You have to get a Ripple (XRP) Wallet
- Search for an exchange
- Create your account on the exchange
- Verify your account
- Connect your account with the Ripple (XRP) Wallet
- You are ready to buy XRP
Ripple’s XRP Wallet
You can hold and secure your XRP with the help of Ripple (XRP) wallets.
Hardware: Ledger Nano X Wallet and Ledger Nano S Wallet, and Sugi Wallet
Desktop: Atomic Wallet and Toast Wallet
Web: Uphold Digital Money Platform, GateHub Wallet, Toast Wallet, and Cryptonator Wallet
Mobile: Uphold Digital Money Platform, Sugi Wallet, Toast Wallet, and Cryptonator Wallet
A Ripple’s XRP exchange is an online XRP business. Coinbase, Bitit, Poloniex, Bitbns, and Cryptopay are cryptocurrency exchanges where customers can buy and sell XRP. The customers can trade XRP for other cryptocurrencies or fiat currencies like USD, EUR, and Yen.
Where To Sell XRP
You can’t sell XRP on every exchange around the world as every exchange doesn’t provide that facility. You have to find out the exchanges having that facility. Bitfinex, Bitstamp, and Kraken are the crypto exchanges where you can sell your XRP.
How To Sell XRP
- Search for an exchange
- An account should be created on the exchange
- You have to login into the account
- You must click on the ‘Wallet’ tab
- Then, you have to select the Ripple (XRP) wallet
- You must click on the ‘Sell’ tab
- Then, you have to enter an amount of XRP
- At the last, you have to click on the Sell button
This is an example of a crypto exchange called Kraken.
XRP is the third-largest cryptocurrency across the world. At the time of writing, the XRP market cap is $13,220,217,988. While its price, volume, and circulating supply are $0.311363, $1,659,743,232, and 42,566,596,173 XRP respectively.