Ripple, What It is?Ripple is a payment network that was first introduced and discharged in 2012 by an organization which shares similar name.It is based on standards like those of crypto currencies like Bitcoin which is why people tend to regard it as a digital currency.
However, it is different from most Cryptocurrency because the source code of Ripple is privately owned by the organization which means that it can’t be confirmed by outsiders. Ripple is an exceptionally prominent system: many banks over the world utilize it as the reason for their own particular transaction framework, and its local cash XRP has been reliably present in the top 5 digital currency for some times now based on their market capitalization.Ripple, Bitcoin and Other Cryptocurrency: Any Differences?Bitcoin works on a decentralized system which is not owned by any government, bank or third party despite being initiated by someone. While Ripple operates on a centralized system and is owned by a company with the same name. Which means they can simply quit if they want.
To confirm Bitcoin transactions take about 10 minutes, while XRP transaction confirmations has been touted to take about 5 seconds.Bitcoin miners are rewarded with new Bitcoin, while Ripple doesn’t need to be mined. All the Ripple coin tokens used as transaction fees are burned, which is a big difference from Bitcoin.Ripple, How About its Future?The organization behind Ripple’s design plans as a matter of urgency to bridge the gap of lack of decentralization this Cryptocurrency is now facing. The organization intends to correct the impression that it’s simply a kind of central bank controlling the Ripple cash. All things considered, the eventual fate of Ripple depends completely on the appropriation of the stage by banks and that is where the focus of the organization behind Ripple should be.
As more banks join the system, the cost of XRP will most likely skyrocket, attracting more investors to the coin and luring other banks to join the stage.