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Blockchain Ripple

Ripple

Ripple is a financial system that functions as both a cryptocurrency and a digital payment network. Chris Larsen and Jed McCaleb co-founded it and it was initially released in 2012. Ripple's basic procedure is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is utilized by banks and financial middlemen.

What is Ripple?

The company and network are known as Ripple, and the cryptocurrency coin is known as XRP. The goal of XRP is to act as a form of temporary settlement layer denomination, acting as an intermediary mechanism of exchange between two currencies or networks.

How does Ripple work?

Ripple is a peer-to-peer decentralized open-source platform that enables for the frictionless movement of money in any form, including dollars, yen, euros, and cryptocurrencies such as litecoin and bitcoin. Ripple is a worldwide payments network with a customer base that includes major banks and financial institutions. XRP is employed in the company's products to allow for rapid currency conversion.

The Ripple network does not use a proof-of-work (PoW) or proof-of-stake (PoS) scheme like bitcoin or Nxt. Instead, to authenticate account balances and transactions on the system, transactions rely on a consensus mechanism. By avoiding double-spending, the consensus aims to improve the system's integrity.

How do Ripple transactions work?

Ripple employs a medium known as a gateway to serve as the link in the trust chain between two parties wishing to do business. Over the Ripple network, the gateway serves as a credit mediator, receiving and sending currency to public addresses. Anyone or any company can register and operate a gateway, which allows them to function as an intermediary for exchanging currencies, maintaining liquidity, and transmitting payments across the network.

All but the first transaction will be erased if a Ripple user opens a transaction with several gateways but attempts to send the same $100 to the gateway systems. Individual distributed nodes decide which transaction was made first by consensus. The confirmations are instantaneous and take about five seconds to complete. The Ripple technology is regarded as decentralized since no central authority selects who can set up a node and confirm transactions.

Website

Visit the official cryptocurrency website. It contains detailed valuable information about the coin and the project. You'll also find answers to frequently asked questions, various support and training tools, or interesting news and articles.

WhitePaper

WhitePaper is a basic informative document that contains a detailed description of a crypto project, its purpose, the idea of its creation, technical specifications, statistics, diagrams, roadmap, and other important facts, including information about the coin and its use and future potential. It is usually created by the founders or developers of a crypto project.



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