Digital Currency

Digital currencies are processed using a complex process called “mining”. Crypto mining requires mathematical skills to solve many mathematical problems in order to eventually create what we call coins.

What makes digital Currency?

Each unit of digital currency is controlled by computer code. This includes the amount of money that can be generated, how to store data and record transactions, and the distribution of mining fees.

As with any virtual currency, the software used to create it is also widespread. Public domain software can be hosted on a collection of computer systems without the need for a central server.

All transactions from virtual currency are secured in a new database called blockchain. The technology works like a ledger for accounting, like a checkbook.

Once the data is entered into the blockchain, it becomes impossible to make changes, and any changes are visible to the public. Although most digital currencies are mined using specialized hardware and decentralized software.

Digital currency Types

• Ripple
• Dogecoin
• Dash
• Peercoin
• Ven
• Primecoin

Ripple

Ripple, also known as XRP, is a unique cryptocurrency because it is not mined and is used more as a system of exchange than a store of wealth. It is designed to facilitate cross-border money transfers by making them faster and cheaper. Another aspect is the implementation of smart contracts. Developers work closely with many banks and companies, understand their needs and improve the service. Around 1 billion is being invested in the new coin that Ripple itself is offering. The minimum is 1 million XRP or 1 Drop.

Ripple Coin is a diversified investment company that offers our investors access to high-quality investment opportunities in the Bitcoin market. We implement Bitcoin trading and mining best practices across our services, while offering flexibility in our investment strategies. Our company benefits from a large network of global customers. 

Ripple Coin, we focus on understanding our customers’ needs and providing customized solutions to meet their investment criteria. Our mission is to use our skills and knowledge for the benefit of our customers and users of our services. Our company believes that when a team exceeds expectations, excellence becomes reality.

Ripple Coin History

Ripple coin was first implemented in 2004 by Ryan Fugger, a web developer in Vancouver, British Columbia, Canada. In 2005, Fugger founded Ripplepay as a financial service to offer members of the online community a secure deposit option through a global network. Based on this protocol, a new digital currency appeared in May 2011, which launched its own cryptocurrency XRP.

This led to the development of a new system in 2011 by Jed McCaleb. It was designed to eliminate Bitcoin’s reliance on centralized exchanges, use less electricity than Bitcoin, and trade faster than Bitcoin.

RTXP was founded in 2012, its mission is to provide “secure, fast and almost free global financial services of any size without any compensation”. The system supports payment in fiat currency, cryptocurrency, commodities, or anything else like bonus travel miles or mobile units.

As transactions in this system are approved by the approval of network participants instead of being mined like the Bitcoin network, it increases the confidence of banks and payment networks. For example, RTXP uses the Earthport payment system, which works in 65 countries, including Bank of America and HSBC banks.

Today, XRP is one of the largest digital currencies by capitalization.

Why Ripple was created

Co-founded by Jed McCaleb and Chris Larsen in 2012, Ripple has taken a more diplomatic approach than other cryptocurrencies. Instead of trying to replace all banking and payment systems, he tried to provide a way to facilitate fast and cheap payments through a seamless platform. Its purpose is to provide a standard for the exchange and transfer of remittance assets that works like the current SWIFT system. It offers a similar solution for secure international money transfers while cutting out the middleman.

It’s no secret that today’s international payment systems are highly fragmented and cause delays and frustration for employers. People have to go through many processes to pay at the border, and these daily transactions cost them a lot of money besides the long waiting time. Ripple provides a platform for a fast, reliable and affordable way to solve the problems associated with the current payment system. More than 300 providers in 40 countries have accepted the new payment network.

Working Principle of Ripple

The Ripple network does not work on a proof-of-work (PoW) system like Bitcoin or a proof-of-stake (PoS) system like Nxt. Instead, transactions rely on contractual agreements to maintain account balances and transactions in the system. The agreement seeks to improve the integrity of the system by preventing double spending.

A Ripple user who initiates a transaction at multiple gateways but tries to send one $100 to the gateway system will see all or the first transaction deleted. The nodes that are distributed individually are determined by the confirmation of the transaction made earlier. Confirmation is quick and takes about five seconds. Because no central authority decides who can create nodes and support transactions, the Ripple platform is described as decentralized.

Ripple keeps track of all IOUs and funds issued for each user or gateway. IOU credits and transaction streams that occur between Ripple wallets are publicly available on the Ripple Consensus Ledger. But while financial transaction reports are recorded publicly and made available on the blockchain, the data is not linked to an individual or company’s ID or account. However, the public record of all transactions (i.e. blockchain) makes the information accessible through the de-anonymization process.

Advantages of Ripple

We don’t need to have XRP to use the Ripple network, financial institutions can use the network with fiat money, but XRP can be used to reduce costs, Ripple Labs expects to gradually release 55 billion XRP in the market over the month 55, they chose to do it gradually so as not to flood the market and cause prices to fall. Ripple Labs offers three products namely xCurrent, xRapid and xVia. They are used to process payments, receive money and send payments individually.

Ripple can act in its final position as a global converter of any currency, it allows fast lending and borrowing, it is almost unforgettable, it -provides quick transactions in seconds, it opens the flag, it provides loans through IOU (type of promissory note), It has easy connection to the payment network, It offers many new opportunities thanks to the limit compatibility. 

The developers of Ripple have created a product that is required by large financial institutions, more than TPS Ripple can handle more transactions per minute compared to many other cryptocurrencies, Ripple handles more than 1,500 transactions per minute while Bitcoin cannot managing only 3 to 6 of them, Investing their efforts in it. banks and other financial institutions.

Many people have expressed concern about the future of cryptocurrencies due to legal concerns, as Ripple works hand in hand with some of the largest financial institutions in the world, it is likely to be affected by this, Ripple does not Compete with other currencies like Bitcoin. it complements them by facilitating the adoption of blockchain technology in the traditional financial world.

Drawbacks of Ripples

Ripple has a few disadvantages that you should keep in mind: Ripple was developed first, there is little or no incentive for nodes to work on the network, leaving companies like banks to give a number of support, so only a few numbers are. need to run the network, it is not really distributed, Ripple carries the same risk as any other cryptocurrency, so you should invest only what you are willing to lose .

Ripple not only has good progress to report, but the company behind the protocol is often criticized for various business practices, it is said that although the company promised to transfer a large part of XRP and network users, so only a small amount is transferred. Centralization is one of the goals of the cryptocurrency movement is to decentralize money, 

Ripple does not rely on this as a company that owns 60% of all XRP, Ripple does not have a big complaint, Apple has a limit of days that use the day as it is . designed only for large financial institutions, which is considered a disadvantage of many potential investors may reduce future growth.

Another common theme of cryptocurrencies is that they are distributed, since there is no need for mining XRP, companies such as banks that work as a supporting scale, Ripple is not distributed Like other cryptocurrencies, Ripple does not bring privacy and anonymity as many other currencies have. , like Monero.