Fast and efficient in international money transfers and transactions, Ripple works as a blockchain technology integrated payment protocol. Ripple gained a lot of popularity a few years after its launch in 2012 due to multiple reasons. With new forms of Ripple coming to the market on each new day, there is a constant surge in understanding how the treasury can gain from crypto, what kind of profits one can nurture, and how to generate more revenues from crypto. For more information you can read here: Bitcoin payments
Story behind Ripple
The primary version before the one that exists today came into the limelight back in 2004 when software developer Ryan Fugger also founded RipplePay 2004. The technology was simple and useful for people who could use it to easily send credit to others.
- Most interestingly, since Bitcoin is popularly known to be the first of cryptocurrency kind, Ripple has a lineage before it. The existence of Ripple was even mentioned by Satoshi Nakamoto, the creator of Bitcoin.
- In 2011 when programmer Jed McCaleb started crafting and working on the XRP cryptocurrency and attempted integrating it with blockchain he realized the need for a reliable network. Later by the next year that is in 2012, he approached Fugger to collaborate his RipplePay with XRP, and there Fugger decided to hand over the authority and control of RipplePay to XRP.
- Thus, this collaboration was finally launched in the year 2012. However, as an added piece of fact about Ripple, it was originally named NewCoin, which was later changed to OpenCoin and then later as Ripple, as it is known today.
Ripple and its rise in the global market
Ripple had a fast and progressive rise in the market with quick association with many financial companies as a payment network. In 2019, RippleNet was known to have already associated with more than 300 financial institutions as a payment network partner, in around 45 countries. would go on to establish partnerships with financial institutions. If you have the right platform to trade from, you can easily gain the best benefits of crypto. Organisations now offer the customers the full chance to buy, sell and also hold digital assets that last long and that give better revenue.
Ripple Labs produce a wide range of products that are associated with financial procedures like remittance systems, payment settlement, or asset exchange. Mostly the operations can be related to that of SWIFT, which is a widely known service for international money and security transfers. SWIFT is used by multiple finance houses and banks across the world. With high quality Ripple currency, you can get more optimized sort of pricing and can also calculate the stability that is much-needed for your pocket.
According to relative sources and evidence, Ripple is known to exist before Bitcoin, spite which Bitcoin got the first exposure as the first cryptocurrency.
XRP, which is the cryptocurrency from Ripple also came into the market in 2012, with 20billion coins being merchandised to its co-founders and 80 billion tokens directly to the company. With Ripple as one of the most popular crypto now, better customer growth can be accelerated.
How Ripple Works
Ripple gained popularity for being a fast mode of payment, secured as well as convenient to operate. Besides these are key benefits of Ripple gave it wide acceptance.
- The transaction fee is very nominal compared to many other similar networks, that is 0.00001 XRP.
- The XRP cryptocurrency is often used by financial houses as a bridge currency, which eliminated the need to hold on to multiple fiat money.
- The Ripple approximately takes five seconds to complete a transaction.
Advantages of Ripple and XRP:
Integrated with a liquidating tool to streamline and analyze the settlement process better, Ripple offers an extremely easy to operate, highly functional, and fast network and payment protocol. Besides not only Ripple is fast, but even as a cryptocurrency XRP exhibits high-end settlement speed when compared to rather popular digital currencies like Bitcoin or Ethereum. It has highly reliable scalability, for the XRP network has proven to handle approximately 1,500 transactions per second.
Ripple has become a widely used trading partner. However, to get access to more such useful trading tools you can check out and find out useful and exciting trading tools which can make your cryptocurrency trading experience seamless.