The turning point of international money transfers
Ripple XRP coin is a blockchain-based international payment network. The network's local cryptocurrency symbol is XRP and is currently 6th on the market. The purpose of Ripple is to facilitate the transfer of money in cross-border exchanges. High-speed exchanges, low fees, and low-energy consumption are the advantages of this blockchain system and its superiority over bitcoin and ethereum.
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Know more about Ripple XRP
Ripple XRP coin is a digital payment network and a cryptocurrency. Ripple is a payment settlement and remittance system much like SWIFT. It was co-founded by Chris Larsen and Jed McCaleb in 2012. Ripple is a blockchain based international payment system and XRP is its local currency.
Transactions in ripple cost very little, use less energy, and confirmed in seconds. Those are ripple’s superiority to bitcoin or ethereum.
Ripple XRP Coin Explained
Ripple has an open-source platform and works peer-to-peer to transform money or cryptocurrency. All this transaction uses a technology named gateway. This gateway works as an intermediate between the money and the currency. Everyone can start a gateway to help the transactions to be done and maintain liquidity on the network.
Ripple is a decentralized network that doesn’t use proof of work (PoW) or proof of stake (PoS). It uses a consensus protocol to validate transactions and prevents system from double spending.
Ripple Coin Expectation
Global payments always have two major problems:
If you make overseas payments, you should be aware of the high costs. However, even services like PayPal are relatively expensive. The cost of international payment with PayPal is about 2.9%.
Now that everything happens fast, international transactions may take days to complete.
Ripple XRP coin intends to solve the problem and make global transfers immediate and low-cost.
Ripple Project History
XRP is one of the oldest cryptocurrencies, but it has not always been popular. Ripple cryptocurrency reached its highest price in 2021 at $23.09. Like many other cryptocurrencies, Ripple experienced a big downfall in 2018. XRP coin is among the 10 best-selling on the market.
Features of Ripple coin XRP