Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and co-founded by Chris Larsen and Jed McCaleb.
With the publication of the Bitcoin whitepaper in October 2008, we witnessed the birth of
Bitcoin
with great influence and curiosity. On top of that, it didn’t take long for this technology to develop and its derivatives to come out. One of those who follow this path is known as Ripple (XRP). The biggest reason for the succession of Bitcoin to its derivatives is to correct the errors between each other.
Ripple is a real-time gross settlement system, currency exchange and remittance network. Ripple does not rely on the intensive business correction and computing conditions used by Bitcoin, using a common ledger governed by a network of independently verifying servers that constantly compare transaction records. Ripple relies on a shared public database that leverages a consensus between people verifying servers to ensure integrity. These verifying servers can belong to anyone, from individuals to banks.
The Ripple protocol (XRP) is meant to enable almost instant and direct money transfers between two parties. They claim they want to avoid the fees and waiting times of traditional banking and even cryptocurrency transactions. Ripple seems to be taking on the task of today’s banks. The main goal of the Ripple platform is to move money around the world as quickly as possible. To summarize in articles;
Ripple payment technology
and is a technology known for its protocol, however, it also has its own cryptocurrency, XRP.
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Ripple’s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers used by banks and financial intermediaries.
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Instead of using
blockchain
mining, Ripple uses a consensus (a decision mechanism that will benefit the algorithm mechanism) mechanism through a group of servers to confirm transactions. -
Ripple transactions use less energy than Bitcoin, are confirmed in seconds, and cost very little, less than Bitcoin transactions, which use more energy, involve confirmation and high transaction costs.
When Did Ripple (XRP) Come Out?
The foundations of Ripple were laid by Ryan Fugger in 2004. Ryan Fugger handed over his project to Jed McCaleb and Chris Larsen in 2012 and the company was formed. It was released in 2012 as XRP. Chris Larsen and Jed McCaleb founded OpenConi, renamed Ripple Labs in 2013, and finally renamed Ripple in 2015. The CEO of the San Francisco-based company is Brad Garlinghouse.
With its launch in 2012, its main purpose was to make faster and more reliable transactions using blockchain technology of decentralized payment systems. It is a means of payment and transfer. Ripple is currently the cryptocurrency with the third highest market capitalization after Bitcoin and Ethereum among cryptocurrencies.
Ripple (XRP) Basic Working Logic?
Unlike bitcoin, the Ripple network does not work with proof, even if it is within the system. Instead, transactions rely on a consensus protocol to verify account balances and transactions in the system. So Ripple does not have a blockchain. It is a cryptocurrency that is not built on blockchain. Unlike blockchain systems, Ripple uses its own patented technology: the Ripple Protocol Consensus Algorithm (RPCA).
When we look at the main logic, Ripple has a certain vision and an area of focus. These include facilitating banking transactions, faster transactions and getting rid of high transaction costs. The processing speed is quite good. As an example of this; Bitcoin can process 4 transactions per second, while Ripple (XRP) has the ability to process 1500 transactions per second.
How Does Ripple Take?
What you need to do is first determine where to buy Ripple. There are many cryptocurrency exchanges where you can buy Ripple. But you should prefer crypto money exchanges that provide you with quality support by doing very good research and have very low commission rates. Icrypex is one of the rare cryptocurrency exchanges that provides 24/7 support to its investor. If you want to get detailed information about crypto money exchanges and Ripple, you can contact Icrypex customer representatives.
Buy Ripple in 2 Steps!
1.Open an Account at Icrypex
As a first step, you need to have a Ripple wallet where you can store your ripples. For this, you can create your Ripple wallet in simple steps by opening an account with Icrypex.
2. Complete your account information by entering your personal information
After completing your member login information, the information you need to enter your account information is to verify your Turkish identity number and date of birth. You can now easily receive Ripple into your account using the account information provided to you.
