Ripple is a crypto money and digital payment method for transactions on the internet. The history of initial work on Ripple prototypes dates back to 2004, but it was first discharged in 2012 and was co-founded by Chris Larsen and Jed McCaleb.Before we begin talking about Ripple, it must be seen that this isn’t just currency; it’s also utilized as the trading platform. The Ripple platform, operated outside cryptocurrency, comes across as an open-source protocol designed to form exchanges that happen quickly and cheaply. The coin for the cryptocurrency is labeled as XRP. In the market cap, it is seen as the third-largest crypto money after Ethereum and Bitcoin. Ripple is more known for its digital payment protocol than its cryptocurrency, XRP. Ripple works on an open-source and decentralized peer-to-peer platform that permits a consistent exchange of cash in any form, whether USD, Yen, or TRY. Ripple uses a medium known as Gateway that serves as the trust chain interface between two parties that wants to form an exchange. The gateway
acts as the credit intermediary that gets and sends currencies to open addresses over the Ripple network. So in this sense, it can be said that the gateway that Ripple organizes and uses is becoming the critical thrusting tool between organizations and people for the transfer of money.
Any business can enroll and open a gateway, which authorizes the registrant to act as the middleman for trading currencies, maintaining liquidity, and exchanging payments on the network. The platform has its currency (XRP), but the real magic is on the RippleNet stage. Clients can make their platforms using RippleNet and process as they wish.
What is XRP?
XRP is a token that is to use as representing value transfers over the Ripple Network. The primary purpose of XRP is to mediate cryptocurrencies with traditional currencies (fiat). The term “Joker” is most commonly used when describing XRP. The system can be explained as follows; for example, if you need to change over your dollar to the euro, the XRP token will act as a joker between the dollar and the euro to minimize the commission. As mentioned before, the cost of trading with Ripple is just $ 0.00001.
What is blockchain?
Imagine that you live in a primitive community that does not use money; instead of cash, they trade by swap. If you have ten pigs and sell them for one cow and if it is taken records that everyone can see, it means that you can not sell the same ten pigs for something else to someone else. If youı do so, it can be seen, and people would be aware of your fraud in this sense. The blockchain system works more or
less this way. Every transaction and exchange is taken as records so that online coins can have value, and no fraud can happen. All of the details are publicly available to everyone, and the people cannot change or take back the earlier transactions.
What is Cryptocurrency?
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions and control the creation of new units of a particular cryptocurrency.