What is Ripple (XRP)
Ripple is a global mutual settlement system that allows transferring almost any currency anywhere in the world just in a few seconds.
The basic concept of the Ripple protocol appeared a few years before the Bitcoin presentation. The first version of the system was launched in 2005 when Canadian programmer Ryan Fugger developed the Ripplepay payment system to organize safe online payments. Since then the project has undergone many changes. The modern Ripple XRP token was introduced to the crypto world in 2012 by Ripple Labs as a universal payment asset based on blockchain technology.
What can you do (or buy) with XRP?
Using XRP coins you can buy anything. Ripple has gained huge popularity among banks and large companies as a means of payments and set-offs. Today, the Ripple XRP project is among the top-5 cryptocurrencies in the world by market capitalization.
The apogee of glory
During 2016, the company fundraised over 55 million dollars of investments from organizations like National Australia Bank, Shanghai Huarui Bank, BMO Financial Group and Standard Chartered Basically. The cooperation of Ripple with SBI Holdings opened the door for the company to Asian markets, in particular, the Ripple system began to be actively used in China, South Korea, Japan, and many other countries.
Pros and Cons
The main advantages of XRP:
- Scalability. Ripple scales very well and allows conducting thousands of transactions per second, which is hundreds of times more in comparison to Bitcoin.
- Universality. XRP can be exchanged for any currency in the world or valuable metals.
- Lack of fees and speed of transactions. The Ripple system has only a nominal commission, which is barely noticeable by users, while the transaction time takes only a few seconds.
Among the disadvantages:
- Monopoly on coins. Ripple developers have concentrated on their hands more than half of all the coins in the system, which creates opportunities for market manipulation.
- Imaginary decentralization. Although Ripple is declared as a decentralized structure, in practice the developers of the system control most of the network nodes.
"There is no longer any question of whether Ripple has the potential to shake up the world of finance. The only question is just how quickly the Ripple revolution is going to take place." – Nichehunt
“I don’t think you can make a horse and (SWIFT) keep up with a race car (Ripple)” – Brad Garlinghouse (CEO of Ripple)
“I believe in Ripple and I’m convinced that the technology is real and revolutionary.”- Cory Johnson (Chief Market Strategist of Ripple)
Ripple cannot be mined. All coins have already been issued and 61% of its reserves are in the hands of the development team.
In the Ripple network, the commission is fixed - 0.00001 XRP. The fee is set only to avoid overloading the network with unnecessary transactions.
XRP is the only crypto designed firstly for financial institutions.
Vitalik Buterin (creator of the Ethereum) tried to get an intern at Ripple in the middle of 2013.
How to get XRP?
The best way to exchange your coins to XRP is StealthEX. It’s a super-friendly, anonymous and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in XRP, just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to XRP.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.