Insights on Ripple
Aug 10, 2017 Posted / 1436 Views
1) Ripple is an open source payments network and also can be used as digital currency. It also lets you transfer this currency within its network. Ripple aims at removing the barriers in the financial networks like wallets, banks and other institutions that charges you unnecessary fees for all kinds of transactions.
2) Ripple was initially released in the year 2012, it allows global transactions without any restrictions and extra charges. Ripple is very much in use by various companies like UNICREDIT, UBS and many banks since it is very advantageous as compared to other cryptocurrencies specially in terms of security and prices.
3) It was first developed by Ryan Fugger in the year 2004 in Vancouver with an intention to develop a network that lets customers create their own currency. It first came out in the year 2005 as Ripple.com and then in the year 2011 a new version was being designed that would overcome some shortcomings of bitcoin, allow faster transactions and uses less amount of electricity as compared to bitcoin.
4) In the year 2013, Ripple labs came into existence. They were the primary force behind the Ripple network. Almost at the same time ripple came up with BITCOIN BRIDGE that created a link between bitcoin and ripple and allows customers to send money in any type of currency to any bitcoin address.
5) By the year 2014, Ripple developed a lot more and became involved in many other projects and its value increased by 200% to become the 2nd largest digital currency and set up its total value nearly close to half billion.
6) The best feature that Ripple offers is privacy to its customers, though transactions are public, transaction history is not hence cannot be accessed by everyone. Ripple network provide you with its own currency that exists within that network and it can be transferred easily among other currencies. The value of Ripple currency fluctuates with bitcoin, dollars, euros, etc.
7) Though ripple does not charge extra fees, it is not free for any non-native currency and a transaction fees is charged in order to avoid and protect against issue of hacking that may occur in other networks. In the year 2015 Ripple was awarded THE TECHNOLOGY PIONEER for its excellent services and new innovations.
8) As compared to other cryptocurrencies Ripple is considered to be very advantageous with secure and creative featured that brings in a total new concept of financial system. In 2014 MIT recognized Ripple network as one of the smartest networks. Ripple also has a very unique feature that is doesn’t need mining since Ripple currency is pre built in the network itself.
9) Ripple is quite different from other digital currencies as it much more efficient, faster and can track any type of information within the network. Ripple has a fixed value of 100 billion as compared to other currencies such as bitcoin which is increasing in number which is nearly close to 21 million. Ripple doesn’t need a centralized exchange.
10) Ripple transactions takes place in less than 4 seconds. This network handles 1000 transactions per second and this feature is helpful to most banks, financial brokers and different institutions globally. It provide a frictionless service globally.
11) The biggest risk involved in using Ripple currency is that it is quite vulnerable to hacking because of its openness. Since it has a very liquid structure it is prone to attacks from different networks and other cyber crimes
12) Last year Ripple expanded its network by building up partnerships with banks like SBI and extending their services to China, Japan, Taiwan and other countries.
13) By the end of the year 2016 Ripple grew much more than expected by forming association with 15 top banks all over the world and banks coming up nearly in 9 countries and increasing value up to $55 million.
14) As of June 2017, media reported that Ripple network increased its speed in all its global transactions and transparency making it much more advantageous.
15) Recently two new features were added to this network in order to handle large volumes of digital currency and have faster transactions. ESCROW and PAYMENTS CHANNELS are the new features that help in easier and faster cross border transactions.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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