The first essential thing to note about Ripple is that it is not a mere company alone, it is also a digital currency, Ripple XRP. Ripple is regarded as an open-source protocol that is structured to enable swift and highly affordable transactions. While Bitcoin was never made to be an easy payment machine, ripple, on the other hand, is on its way to rule every international transaction across the world.
Ripple was founded in the year 2012 by Jed Caleb and Chris Larsen. The platform has its own successful currency known as XRP. Moreover, the company enables every individual to make use of its platform to build their own applications through its RippleNet
Core Business of Ripple
On a general note, the core business of Ripple is in its RippleNet system. It is a system of institutional payment providers like money service businesses and banks that utilizes the resolutions created by Ripple to provide a seamless experience to transfer money across the globe.
Ripple makes use of gateways. These gateways are described to be similar to a universal ledger that is made of blockchains that are said to be private. Gateways are simply described as computerized portals that financial institutions, companies, and governments utilize to actually join the system.
This mechanism is however known as RTXP; Ripple Transaction Protocol which in turn is known as RippleNet. It is the joy and ultimate pride of Ripple.
Ripple is an essential part of a solution that repairs shortcomings that once plagued the financial institutions.
If another financial institution, company or government joins the RippleNet system, it can easily make transactions with other gateways at a much more faster speed and even a fraction of the price offered by any other platform
With RippleNet, payments can be received from fiat currencies such as dollars, euros or even prominent virtual currencies like Stellar, LiteCoin, Cardano, and more. See also the video below for a brief overview of how RippleNet works.
Well-Established Partners of Ripple
Some of the biggest partnerships made known to the public by Ripple are.
- Euro Exim Bank
- Send friend
Each and everyone of these companies will be leveraging Ripple’s XRP in order to source liquidity on demand when executing transactions on behalf of any of their customers.
What Ripple has to Offer
As mentioned earlier, the Ripple platform has its very own virtual currency known as XRP. This digital asset is frequently seen as a source of mystery and has high speculations.
However, it is the only Cryptocurrency asset that has been specifically structured for monetary institutions and payment providers. Asides from so many computerized assets not having a defined purpose, Ripple’s XRP can be used as a store of value, commodities, purchase or even consumer transaction.
Nevertheless, they were never built with a distinct clear cut application in mind. XRP is basically centered on the transfer of value and created majorly for enterprises.
Meanwhile, similar to all other Cryptocurrency like it, the worth of XRP is solely dependent on how fast the bear market of 2018 will turn out to be. If the major parts of the year 2019 is spent in correcting instead of increasing, its prices will be comparatively low in the year 2020.
A vital fact to always keep in mind is that Cryptocurrency is prominent in the area of surprises and one cannot give a definite prediction. It could either be a good surprise or a bad surprise. Moreover, XRP may likely continue its trending activities and reveal good surprises alone in the nearest future
To Wrap it Up
The prominent Cryptocurrency of Ripple, which is XRP, majorly provides payment providers and financial institutions like banks with a reliable and on-demand liquidity source for their payments at cross borders.
Basically, Ripple is an essential part of a solution that repairs shortcomings that once plagued the financial institutions.
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