What’s up Cryptopeeps? It’s your girl Maria
here to deliver your daily dose of Bitcoin news.
Unlike Bitcoin, Ripple is not only a cryptocurrency but a platform as well.
Its main goal is to move a lot of money all over the world as fast as possible,
through cross-border transactions, as cheaply as possible.
How cheap you ask?
Well, they have a Minimal Internal Transaction Commission.
The only reason why it isn’t free is to prevent Distributed Denial of Service Attacks.
Ripple has the ability to be exchanged to any currency or valuable,
like gold, with a unified minimal commission.
A lot of currencies can’t be directly converted to one another,
so banks have to use the US dollar as a mediator so there’s a double commission during conversion.
Ripple, in this case, acts as the mediator,
like the US dollar, but offers the same service at a cheaper price.
XRP is Ripple’s token.
As you may know, to get bitcoins you need miners.
But with XRP, there’s no need for them.
100 billion tokens were already issued to Ripple back in 2015
while the creators kept 20 billion.
The rest was given to the company to develop liquidity and make improvements.
Unlike Bitcoin and Ethereum,
Ripple does not run on the blockchain,
instead, it has its own called the XRP ledger.
Transactions are validated by a list of trusted nodes authorized by Ripple
so there is no need for proof-of-work.
This patented technology is called the Ripple Protocol Consensus Algorithm.
Quite a mouthful right?
But you can just call it RPCA.
But who do we have to thank for inventing such an innovative way to transfer and convert funds?
In 2013, Jeb McCaleb invited world rank investors to invest in Ripple Labs and thus, Ripple was born!
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And once again, my name is Maria and this is WeTheCryptos.