A Comprehensive Guide to: XRP
Are you ready to take a dive in the world of Ripple? Welcome aboard!
Many of you have heard of Ripple or maybe even invested in it. Ripple is currently the third cryptocurrency in the world by market capitalization. So what exactly is it and what is its value on Blockchain?
Ripple in a Nutshell
Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., initially released in 2012.
In Ripple, users make payments to and between each other using cryptographically signed transactions denominated in either fiat or the network’s internal currency, XRP. We’ll use the term Ripple to define the entire network, and XRP in the context of the network’s currency.
XRP is known to be the fastest and most scalable digital asset used for payments in the world.
Ripple’s Value on Blockchain
Let’s put it straight down the line and say that Ripple is better than the other systems developed on Blockchain. You will find that it is built on the most advanced type of blockchain technology – Ripple blockchain – which allows for scalability as well as security while interoperating various networks.
Ripple’s Market Cap
XRP value currently stands at $20,857,777,910. Impressive, huh?
If you’re puzzling about where this number came from, we definitely recommend to check this article. Also, on a side note, our new glossary will help you out whenever you come across a new crypto term.
What is Ripple for?
The reason for building the Ripple network and creating XRP was an on-demand choice for sourcing liquidity in cross-border payments. On the one hand, banks around the globe can use XRP to source liquidity in real-time on demand. On the other hand, payment providers can use it to reach outside the local markets, taking advantage of the speed of payment settlements as well as the cost of foreign exchanges. You can exchange, buy, and sell XRP on a wide range of crypto trading platforms. Very soon, it will also be available on CoinMetro’s Exchanges.
Is XRP Better Than Other Cryptos?
Let’s compare XRP to other cryptos!
XRP takes only four seconds to settle – no wonder it’s the world’s fastest digital currency. By the way, if you’ve read How to Trade Cryptocurrency – For Beginners: Part II, you’d know Bitcoin (BTC) is the slowest. Can you believe that it takes over an hour to settle? When it comes to Ethereum (ETH), it’s about two minutes.
In the Crypto-era, it’s hard to believe that traditional systems take three to five days to settle.
Compared to other cryptos, XRP is also highly scalable, which means that around 1,500 transactions can be handled every second. Bitcoin can only handle three to six transactions per second, and Ether, only 15.
Any Other Benefits?
Keep them coming! Among many other benefits, it must be noted that XRP is distributed across the globe thanks to its open-source technology. Interesting fact: since its launch, XRP has closed every single ledger without an issue! What an amazing work of a dedicated team!
Ripple and RippleNet can be a very useful tool for banks and other financial institutions, as well as businesses of all types. Banks can use it to get new revenue, while payment providers will benefit from expanding their reach. For corporate entities, Ripple simplifies the payments. In addition, exchanges will benefit from an increase in volume.
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Have a nice weekend!
The CoinMetro Team