With a 35,000% increase in price in 2017 and a market capitalization of more than $ 118 billion, Ripple has become a hot topic among professionals and investors alike. But, what is Ripple? Is it the same with other cryptocurrensets? Why did it catch fire recently? Keep reading to find the answers to these questions.
1. What is a Ripple?
Ripple is a problem-solving company, founded by Chris Larsen and Jed McCaleb. Their Ripple Transaction Protocol (RTXP) contains cryptocurrency XRP. Ripple says it provides fast, reliable, and affordable solutions at financial offices. The company has made 100 billion XRPs and now owns 61% of that money. His current plan is to raise billions a month.
2. Differences between Ripple and Bitcoin
Both Bitcoin and Ripple are cryptocurrencies that use metal technology. But, there is a big difference between the two: unlike Bitcoin, Ripple cannot be stopped. The fund was not established as an undisclosed amount of money, and its operation is based on the Ripple network.
Both Bitcoin and Ripple use validated terms to approve the transcripts. Bitcoin has 10,000 trustees, while Ripple has only five. However, the company intends to add 11 more in the next 18 months. Five verification points are overseen by Ripple. XRP has been criticized for its lack of authenticity. The XRP Ledger is available to everyone, so everyone can download and be approved. Most companies have their own nodes on the Ripple network.
3. Reasons to Rate Recent Ripple Ripple
XRP’s recent rise in prices has a direct bearing on how much money is expected to be spent by financial institutions and the savings of those who believe in what they are doing. Ripple has managed to find banks as customers for some things. Ripple’s xCurrent is popular with financial institutions because it provides real-time communication and fast processing, thus reducing bank delays. The company is planning to launch a new product, xRapid, which includes XRP. They see the new business as an opportunity to get banks to use XRP. Investors see the potential in the money as a vehicle for banking operations around the world.
Ripple, or more accurately, XRP, is a rising cryptocurrency. It is different from digital currency for Bitcoin because its availability is controlled by the founding company. Ripple is keeping a bank in the bank for future use. One might think that the recent rise in the price of Ripple will add to the controversy over potential cryptocurrency assets.