RIPPLE | Types

	RIPPLE

Ripple is a technology that acts as both a cryptocurrency for financial transactions and a digital payment network. First released in 2012, it was co-founded by Chris Larsen and Jed McCaleb. Ripple's main process is an exchange and transfer system for payment processing. This is similar to the SWIFT system for international money and security transfers used by currency banks and financial intermediaries. Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency XRP. Instead of using blockchain mining, Ripple uses a consensus mechanism across a group of bank-owned servers to verify transactions. Ripple transactions use less energy than Bitcoin and are confirmed in seconds and cost very little, but Bitcoin transactions use more energy, take longer to confirm and have higher transaction costs. Ripple (XRP) is one of the most valuable blockchain-based tokens by market capitalization. Ripple runs on an open source peer-to-peer decentralized platform, enabling seamless transfers of all forms, whether it's dollars, yen, euros, or cryptocurrencies such as Litecoin or Bitcoin. Ripple is a global payment network that counts major banks and financial services providers as its customers. XRP is used in products to enable rapid conversion between different currencies. Ripple networks do not work with Proof of Work (PoW) systems like Bitcoin or Proof of Stake (PoS) systems like Nxt. Instead, the transaction relies on a consensus protocol to validate the account balance and transaction in the system. Consensus works to improve the integrity of the system by preventing double payments. Private investors can guess the price of XRP, but the Ripple payment system is primarily intended for use by banks. Ripple remedies some of the shortcomings of traditional banks. This is different from banks where it takes days or weeks to complete a transfer. The fees for trading on Ripple are also minimal, and the minimum transaction cost for standard transactions is set at 0.00001XRP compared to the high fees charged by banks to make cross-border payments.

Ripple is a technology that acts as both a cryptocurrency for financial transactions and a digital payment network. First released in 2012, it was co-founded by Chris Larsen and Jed McCaleb. Ripple's main process is an exchange and transfer system for payment processing. This is similar to the SWIFT system for international money and security transfers used by currency banks and financial intermediaries. Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency XRP. Instead of using blockchain mining, Ripple uses a consensus mechanism across a group of bank-owned servers to verify transactions. Ripple transactions use less energy than Bitcoin and are confirmed in seconds and cost very little, but Bitcoin transactions use more energy, take longer to confirm and have higher transaction costs. Ripple (XRP) is one of the most valuable blockchain-based tokens by market capitalization. Ripple runs on an open source peer-to-peer decentralized platform, enabling seamless transfers of all forms, whether it's dollars, yen, euros, or cryptocurrencies such as Litecoin or Bitcoin. Ripple is a global payment network that counts major banks and financial services providers as its customers. XRP is used in products to enable rapid conversion between different currencies. Ripple networks do not work with Proof of Work (PoW) systems like Bitcoin or Proof of Stake (PoS) systems like Nxt. Instead, the transaction relies on a consensus protocol to validate the account balance and transaction in the system. Consensus works to improve the integrity of the system by preventing double payments. Private investors can guess the price of XRP, but the Ripple payment system is primarily intended for use by banks. Ripple remedies some of the shortcomings of traditional banks. This is different from banks where it takes days or weeks to complete a transfer. The fees for trading on Ripple are also minimal, and the minimum transaction cost for standard transactions is set at 0.00001XRP compared to the high fees charged by banks to make cross-border payments.