REVIEW

CRYPTO REVIEW Ripple

April 9, 2018 |

REVIEW - RIPPLE

What Is Ripple? / Definition

Ripple is a name for a cryptocurrency denoted by Ripple XRP and it's also a term for an open-source distributed payment network which is used to transfer currencies. The objective of Ripple network is to get rid of the old financial networks such as credit cards, PayPal and wire transfers which are expensive, time consuming and user-unfriendly, especially for cross-border transactions.



Ripple was initially released in 2012 but the stable release came 6 years later in February 2018. Arthur Britto, David Schwartz and Ryan Fugger are the people behind the early development while Chris Larsen and Jed McCaleb are the co-founders of Ripple protocol that aims to revolutionize the banking system.



https://www.youtube.com/watch?time_continue=1&v=Q2YHhLkOO9g



Ripple Network (RippleNet) versus Ripple Cryptocurrency (XRP)

Although both the payment network and the virtual currency are named Ripple, they are quite different. Ripple Network or RippleNet is a real time settlement system for banks who can find many applications for it, most popular being currency exchange and settlement of remittances. On the other hand, Ripple currency token or commonly known as XRP is a cryptocurrency issued by Ripple Labs. Unlike other digital currencies such as Bitcoin and Ethereum, Ripple can be transferred extrem...