Posted on May , 12 2018 at 12:00 PM
The Ripple transaction protocol is a system that works on real-time gross settlements. This a currency exchange system that uses a open source ledger distributed among its network of computers. The Ripple transaction protocol was created by the ripple company, and can be used to transfer any sort of fiat currency including the cryptocurrency that shares it name the Ripple coin.
Ripple pay, the predecessor to the Ripple transaction protocol was first released in 2005 by Ryan Fugger. Ryan was a web developer in vancouver, and had the goal of creating a decentralized system that would allow for other to create and trade currency. This idea was expanded on by Jed McCaleb from eDonkey network. Jeb along with Arthur Britto and David Schwartz wrote to create a system where transactions are verified by network consensus rather than a mining system like Bitcoin. This new system was we now know as the Ripple system.
After Jeb and his team created their system they meet with Ryan Fugger who like the Jeb's, and handed the project over to him, and opencoin Inc was founded. Open coin began incorporating Ryan's original system into theirs and in 2012 created the Ripple transaction protocol we know today, and from this came Ripple the cryptocurrency. The Ripple cryptocurrency is based on a decentralized ledger that is held on serves with in the network. These servers verify transactions and stand in for the blockchain used by other cryptocurrency.
As I said above the Ripple system does not use a mining process If you are familiar with BitCoin you probably know that mining is a process in which the encrypted code is passed through the bitcoin software and produces the number of the Bitcoin. If the Bitcoin produced has yet to be discovered than the miner gets to keep that coin. This process works, but it has its problems. As more and more coins are discovered it takes more computing power to find the next coin. The Ripple system does not suffer these same issues, and it has additional benefits. Unlike Bitcoin the Ripple transaction protocol is faster, uses less electricity, and uses a more decentralized ledger.
After all that you're probably wondering whether you should start using the Ripple Cryptocurrency as a currency, and you may be disappointed when you hear that it is not the best idea to start using Ripple as a currencey. Bitcoin is the top of the market when it comes to cryptocurrencies and most realalers that use cryptocurrencies use Bitcoin so it is very hard to find a place to spend Ripple. However Ripple is not useless. Ripple can be treated like a stock on the stock market, and can be used to gain money through investments. Now you're probably wondering if i should invest in Ripple, and the answer is more complicated than you might hope. Like the stock market the Cryptocurrency market is constantly shifting. So the best thing for you to do is to buy when the coin when the price is low, and to then sell it when the coin has gone back up. This way the increase in value will be your profit.
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“At its core Ripple is a technology company leveraging digital assets to solve a global payments problem. We believe payments are foundational to any use case so we’re starting there.” -@bgarlinghouse to @YPO members for #YPOInnovationWeek at Ripple HQ. pic.twitter.com/C7MnbR94bi— Ripple (@Ripple) May 7, 2018