While Bitcoin is still king in the land of cryptocurrencies, there are various competitors ready to take its throne. One of the most intriguing of such is Ripple, which is completely different from all the rest, as it is a much more centralized crypto within a much decentralized environment.

What Is Ripple? It is still classified as a cryptocurrency, but the form it was founded and is managed and traded is very different from others. This is why, before investing into Ripple, it is good idea to learn more about it first.

What Is Ripple

Ripple was launched in 2012 as a later iteration of Ripplepay, and its name is the one used for the crypto platform catalog, while its token is called XPR. Just like other cryptocurrencies, Ripple is built around the idea of a countable distributed network where various parties take part in verifying transactions instead of a single centralized authority. This is a way to facilitate the transactions throughout the world, while the transaction costs are much lower than in Bitcoin. Unlike other cryptos, XPR transactions are really instant and don’t require any confirmation period. Meanwhile, the Ripple platform offers you an opportunity to exchange anything, from fiat currencies to gold or even air miles.

Ripple was originally found by one single company, Ripple Labs, and still backed by it, unlike Bitcoin, which is backed by a huge network of developers. The number of units in Ripple network is not changeable either. In Bitcoin, the number of coins is constantly growing, while there is a limit; in Ether, there is no particular limit. Unlike those, Ripple was created with 100B tokens from the beginning, the greater part of them belonging to Ripple Labs, and this number is maintained without any change.

 

 

Source: libertex

Image Source: bitnewstoday

Load More By Robert Zackman
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