Introduction to Ripple
Ripple (Trading symbole: XRP) is another one of the top 5 crypto currencies, however its importance is related to the innovative technology Ripple has been built on. It uses the same blockchain technology, distribution ledger and peer to peer transaction system as the likes of Bitcoin, Ethereum and Litecoin; Ripply is also generated through mining exactly like Bitcoin and it has the same availability limitation as the main coins.
All the above would make you think that Ripple is just the same as anyone of the main crypto coins, however what makes it really unique in the virtual currencies space is that fact that XRP wants to become a universal payment system able to execute seamless payments completely free of charge and, even more importantly, across any type of currency, either Fiat or Digital.
Although Bitcoin and Ethereum have enjoyed most of the spotlight, XRP is definitely one of the most promising crypto currencies in the medium to long term. Although Ripple prices is way lower than its main rivals, XRP has increase its value by over 5000%
What makes Ripple so interesting?
However, regardless of nominal value, what makes XRP so innovating and exiting is the technology XRP provides, apart from the price of the actually virtual currency. Unlike other cryptos that receive no attention
by financial institutions such as JP Morgan, Ripple have gained recognition from more than 50 leading
financial organisations worldwide.
The main difference is that unlike other currencies like Bitcoin, where individuals can only send and receive BTC via the BlockChain,
can only send and receive BTC via the BlockChain,Ripple wants to create an eco-system where anyone can do the same,
but do so for any other existing currency, as long as this happens by using the Ripple technology.
Ripple philosophy is that things like waiting time for transactions processing, transfer fees, fees on FX rates
are not applicable anymore. This is particularly true and possible due to the ability of Ripply to work across (as explained above)
multiple currencies and “interpret” each currency as one.
Ripple was originally create to facilitate the exchange of money in the simplest and most hassle-free way as possible,
unlike traditional financial institution that aim at over-charing users and restricting the movement of money.
An interesting analogy shared by experts compares Ripple with the likes of what the Interned have done in the media
and especially information space. Before the Internet, news were distributed by companies,
either involved in non-digital / analogic media such as TV or Radio, or via newspapers and magazine; in all the above,
information was controlled by company owners and could not be argued by the end user.
When Internet become available to the general public, information become free and available to anyone, where the end
users didn’t have to necessarily follow the agenda of the big media companies, but they could spontaneously decide
what type of news each found most relevant to their cultural background as well as personal interests.
Ripple’s Ultimate Goal
Like the Internet with knowledge, Ripple wants to take the control out of banks and give it back to the end user.
We could consider Ripply the ‘Robin Hood’ of crypto currencies. Ripple’s main objectives are:
- Make money transfers completely free and immediate across the entire world with no exclusions.
- Allow money transfers in any currency, both virtual and traditional, without charging any exchange / FX fees.
Thanks to this totally innovative approach, Banks like UBS, HSBC, Santander and Unicredit have already used Ripple
as a payment network and are working to further integrate XRP as their preferred payment system.
The fact that Ripple is the only Crypto coin to have already attracted attention and interests from more or less traditional
financial institutions, makes XRP on of our favourite and most definitely one of the most promising virtual currency for the immediate future.