2 new white papers:Ripple launched a couple of new white papers recently. The 1st white paper highlighted the algorithm which is currently powering the platform. The 2nd White Paper highlighted the ways in which the connectivity between different nodes can be improved. It also highlighted the ways in which the verification of the transaction can be improved. Ripple also has many marquee name investors like SBI and Santander. The news that it is looking to improve the infrastructure consistently would actually work in its favor. As the cryptocurrency platform gains more and more efficiency in transferring currency all over the world, the number of clients would also increase consistently. This is the reason why this new white paper by the company is actually positive news. According to the CTO of Ripple, Stefan Thomas the white papers highlight the progress of the company in the right direction. According to him, the start-up wants to improve the technology further in order to make it easier to transfer money all over the world. He further added that this is the 1st time peer-reviewed academic papers have been launched by the company. He was also enthusiastic about the future research which would be carried on by the company. This is the 1st time that the company has launched such research papers. However, the cryptocurrency platform is always at the forefront when it comes to innovation. This is the reason why it is very difficult to beat this platform when it comes to transferring money.
Enhanced security:According to the CTO, both the papers would improve the security of the platform. This would, in turn, help the cryptocurrency gain more clients as well. With the cryptocurrency adding newer and newer clients on a regular basis, it sure seems like an improvement and the platform would attract an even higher number of clients. This is the reason why this news is highly positive for ripple as it would attract new clients for the cryptocurrency. This would also further increase the valuation of the cryptocurrency as the platform would be used by more and more clients.
Meet Ripple, the world’s most practical financial networkWhat are we, as a society, if we aren’t able to build robust relationships based on trust? That, and honor should be in front of every social interaction involving human beings, including financial transactions. As the world shifts towards a more digital, cryptography-protected way of doing business, traditional banking platforms are being slowly phased out the financial scope. Only those willing to adjust and including more efficient payment system, which is both faster and safer, will be able to maintain in the business and survive.
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Ripple: an exciting, feature-rich networkTo understand Ripple’s place in the crypto universe, we have to value its contributions to the industry. In addition to being one of the most renowned digital tokens out there – even competing for the second spot in market share, behind Bitcoin, with options such as Dash, Litecoin, and Ethereum – it is also one of the most efficient payment networks for financial transactions in the planet. The Ripple technology is, in fact, more widely known for its digital payment protocol than for being a cryptocurrency. Since being co-founded by Chris Larsen and Jed McCaleb in 2012, it has flourished, reaching worldwide recognition and market success via the digital coin, the XRP. Ripple functions in a decentralized platform that fosters money transfers in any form. It is open source and peer to peer, and can work with several exchanges and currencies, physical or crypto, such as US dollars, Yen, Litecoin, and Bitcoin. To work correctly, Ripple implements the Gateway medium, which serves as the link in the trust chain between two parties wanting to make a transaction. Gateway is the credit intermediary, the one in charge of receiving the funds to public addresses managed within the Ripple platform. In Ripple, anyone can sign up and open a gateway that authorizes that person to be the middleman for exchanging currencies. The XRP (Ripple) is the associated cryptocurrency of the platform. It performs the part of a bridge currency to other tokens without discriminating between fiat and crypto, facilitating exchanges between different coins. According to Ripple’s chief cryptographer, David Schwartz, the payment systems of today are where the email was in the early ’80s. Every provider built their system for their customers, and if people used different ones, they couldn’t easily interact with each other. The purpose of Ripple is enabling the connection of different payment systems together.
2012: Ripple is bornRipple’s original and intellectual authors are Arthur Britto, David Schwartz, and Ryan Fugger. They formed the Ripple Company in 2012 and came up with the initial release. The latest version or release was on February 20th, 2018. The project is written in C++ code, under the operating systems GNU/Linux (RHEL, CentOS, Ubuntu), Windows, and OS X. We can consider Ripple to be a real-time gross settlement, currency exchange, and remittance network. Ripple’s first significant period ranged from 2012 to 2013, involving OpenCoin and Ripple Labs. OpenCoin started the development phase of a new payment protocol, named Ripple Transaction Protocol (RTXP), with Fugger’s ideas, primarily instant money transfer between two parties. By that time, the company had already created its digital currency, the XRP, in the same mold as Bitcoin. Later, between 2014 and 2017, Ripple began to focus on the banking market, with Ripple Labs taking part in related projects. They experimented with an App for iPhone that enabled users to send and receive transfer between them. Since 2013, the Ripple protocol has been adopted by numerous financial institutions to offer an alternative remittance option to people. German bank Fidor was the first to use the Ripple network to allow cross-border payments, in the first part of 2014. American institutions Cross River Bank and CBW Bank quickly followed, and later on, Ripple began working with Earthport. From that point on, success followed, and more prominent banking institutions, such as HSBC and Bank of America, utilize the Ripple protocol to perform operations in astonishingly quick times.
Ripple’s bread and butter: the consensus protocolBitcoin, along with other renowned cryptocurrencies in the market, performs its operations with the proof-of-work system. Others, such as Nxt, use proof-of-stake; but Ripple implements the consensus protocol. The consensus protocol validates account balances and transactions in the network, improving overall integrity by avoiding double spending. The system will automatically delete malicious advances from morally shady people looking to send one deal to multiple gateways. In short, the protocol consists of distributed nodes deciding by consensus the transaction’s pecking order through a majority vote. One would think that they take a lot of time to complete. Well, five seconds isn’t a whole lot, is it? Ripple is a decentralized platform because it doesn’t involve any governance or central authorities in any part of the process. While the transactions are all made public in the consensus ledger, there is still anonymity because they can’t be linked with the involved people’s ID or account. All users or gateways have a database of every registered IOU.
Get to know Ripple’s benefitsThe consensus ledger that the Ripple system implements is versatile and fast enough that each day, more and more banks and financial institutions are adopting it as their preferred way to perform their business operations. Ripple provides an improvement on the traditional way that banks use to work. The transactions are completed, settled and registered in a matter of seconds despite the high amount of traffic that the platform experiences every day. That is a vast improvement over, say, the Bitcoin system, which takes an average of ten minutes to complete an operation. Traditional banks and financial institutions can take days, or even weeks, to perform a wire transfer, and let’s face it, that delay isn’t going to cut it in our current financial reality. On top of all that, the transaction fees in Ripple are almost non-existent: the minimum is 0.00001 XRP. That’s nothing if you compare it to the costs of a cross-border payment.
Ripple, the tokenThe Ripple network has an associated cryptocurrency; the XRP, which has the power of liquidity by serving as a bridge between other means of payment, making the exchange more comfortable for all parties involved in a transaction.
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