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Ripple’s pros and cons: World’s most practical and innovative financial network

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In any culture trust and honor are the foundation on which we build deals and transactions. Financial transactions, too.

This is changing. Cryptographic technology allows us now to do business without trusting the other party. The tech guarantees that for us so we don’t need to worry about it. The ‘crypto way’ of transacting doesn’t only save you stress; it is also quicker, safer and more efficient.

Ripple is one of those systems, and it’s growing stronger every day. It started in 2012, and since then it’s been adopted by banks and other financial institutions to serve their customers with speed and efficiency. Users and institutions trust the system, which means they can trust each other.

Ripple is built on the foundation of a small free software that uses the end-to-end paradigm. Each local Ripple node is an exchange system in itself; so it’s all a decentralized mutual bank.

To put it simply, Ripple is not just an alt-coin, it’s a social service that allows people to trust each other in the real world.

Ripple is exciting and feature-rich. It’s made many important contributions to the crypto-industry. It’s becoming a renowned digital token in its own right. It will soon be competing for the market’s second spot (Bitcoin will probably always be king, but Ripple could soon beat Dash, Litecoin, and even Ethereum). XRP is one of the most efficient ways to do financial transactions available on the planet today. As a matter of fact, Ripple is better known today as a resource for payments and transactions than for its crypto coin. But, it’s blooming big time.


Ripple works as a decentralized system that allows for any kind of transfer. It is open source and peer to peer. It works in several exchanges and among many fiat currencies. It will enable you to transact between USD, Yens, Litecoin, and Bitcoins. It’s a bridge that brings all kinds of fiat and cryptocurrencies together and makes them available. And it does this without any middleman; so it’s quick and cheap.

David Schwartz is Ripple’s chief cryptographer. In his view, today’s payment systems are just as revolutionary as email was in the early 1980’s, and Ripple is the technology that actually brings many different transaction systems together into a single place in which everybody can do business.

Nuts and bolts of Ripple XRP

Ripple came into life when Arthur Britto, David Schwartz, and Ryan Fugger formed the company in 2012. The latest version was released last February 20th. The project is built upon C++ code written on several Linux systems (RHEL, CentOS, Ubuntu), but it also works on Windows and OS X.

From 2012 to 2013 Ripple Labs started to develop their payment protocol which involved OpenCoin back then. They called it RTXP (Ripple Transaction Protocol, based on Fugger’s ideas. It was all about transferring money instantly among parties. Then they came out with their own cryptocurrency (XRP). It was built on Bitcoin’s model.

Then, from 2014 to 2017 Ripple went for the banking market. They got it. Nowadays one of their main partners is Banco Santander which has been hailed as the world’s best and does business the world over. But very few people know that it all started when German bank Fidor adopted Ripple for international transactions. Cross River Bank and CBW (American banks) followed suit and then Earthpoint also adopted Ripple. From then on, it was all success for Ripple. HSBC and Bank of America came on board as they saw how efficient the system is.

Ripple is based on the proof-of-work protocol, as many alt-coins are. It’s about consensus. Other currencies work on the proof-of-stake principle. The consensus protocol validates account balances and transactions over the network, it creates integrity, trust and avoids redundant calculations.

Benefits of Ripple

The system deals automatically with malicious transactions and suspicious dealers. The protocol uses its distributed nodes to collect a majority vote. It sounds complicated but it’s implemented in a way that it’s very quick, each transaction takes just seconds.

More banks and financial institutions are choosing Ripple to carry out their transactions every day. It’s quick, it’s efficient, it’s cheap, and it’s safe. It’s better than traditional transactions because it can deal with a high volume of transactions without being slowed down. 

It’s even better than Bitcoin which typically takes at least ten minutes for every operation to be completed, but it can take even days at times. That’s not all. A Ripple transaction costs about 0.00001 XRP, which makes it almost free for all practical purposes, especially if you take into account how expensive international payments usually are.

Ripple’s coin is called XRP; it’s the bridge that does the magic. XRP makes things easier, quicker and cheaper for everybody.

As things stand today, Ripple is the world’s third-largest cryptocurrency. The biggest are, of course, Bitcoin ($45.26 billion) and Ethereum (31.53 billion). Then there’s XRP at 11.94 billion. XRP is still readily-available, efficient, reliable and cheap.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Ruby via Flickr

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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