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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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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

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