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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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