Founded in 2012 as a payment system network (RippleNet), Ripple’s primary goal is to ensure that international money transfers take place within seconds using blockchain technology. Within this framework, RippleNet, which has agreements with more than 300 financial institutions from more than 40 countries, including many major international banks such as Santander, Standard Chartered and Interbank, also has an agreement with Akbank in Turkey.
How Does the Ripple Payment System Work?
Under normal circumstances, when you want to make a money transfer from Turkey to abroad, you need to use the swift system for this. This process is both very costly and takes a lot of time. Because when you transfer money internationally, if you are going to transfer dollars, you need to do it using the swift system through the US Federal Reserve (FED). In fact, unlike the dollar, for example, when you want to send rubles, dinars or yuan, this money first reaches the recipient by converting it to the US Central Bank in swift and dollars and then into the currency of the relevant country. Ripple is a new alternative. Accordingly, when you use the Ripple payment system, your money is converted to crypto money (Xrp), transferred to the recipient, and then converted to the currency of the recipient’s choice, completing the transfer within seconds. In addition, this process can be done at much lower costs than the swift process. Nowadays, while all kinds of data transfers can be done in seconds and easily, the use of technology in money transfers will be inevitable.
Is Ripple Minable?
On the other hand, xrp, the crypto money used by Ripple in its transactions, is also a crypto currency that can be bought and sold on crypto money exchanges today. Unlike other cryptocurrencies, XRP does not have a system based on mining. The production and management of XRP is wholly owned by the Ripple company, and the production supply is set by the company at a total of 100 billion units. The number of XRPs currently in circulation is about 40 billion units, and the company releases 1 billion XRPs per year. XRP is also the 3rd most traded cryptocurrency after bitcoin and ethereum. On the other hand, we can say that the fact that it is managed by the company from a single source is the most important difference between XRP and other crypto coins.
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