Today we will be talking about another decentralized cryptocurrency widely known as Ripple.
Ripple is a real-time gross settlement system which is short for RTGS currency exchange and remittance network using a common ledger that is managed by a network of independently validating servers that constantly compare the transaction records ripple doesn't rely on the energy in the Computing's intensive proof of work used by Bitcoin.
Ripple is based on a shared public database that makes use of a consensus process between those validating servers
That ensure integrity those validating service can belong to anyone from individuals to banks as far as history of the coin is concerned ripple has one of the richest histories among all cryptocurrencies as the predecessor to the rippln which was called ripple pay was first developed back in 2004 by Ryan fogger
A web developer from Vancouver saga conceived of the idea after working and local exchange trading system in Vancouver and his intent was to create a monetary system there was decentralized and could effectively allow individuals and communities to create their own money.
Fogger first iteration of this system ripple paid has come debuted in 2005 as a financial service to provide secure payment options to members of an online community via a global network.
This led to the conception of a new system by jet McCaleb in May 2011 they began developing a digital currency system in which transactions were verified by consensus among members of the network rather than by the mining process used by Bitcoin which relies on blockchain Ledger's this new version of the ripple system was therefore designed to eliminate bitcoins or liens on centralized exchanges used less electricity than Bitcoin and perform transactions much more quickly than Bitcoin Chris Larson who had we founded blending services companies alone in prosper joined the team in August 2012 instigated McHale and Lawson approach Tryon fogger with the digital currency idea after discussions with a long-standing members of little community fogger handed over the sceptre in the crown in September of 2012 the team co-founded the corporation open coin open coin began developing a new payment protocol called the ripple transactions protocol based on Ryan foggers concepts.
The ripple protocols enables the instant and direct transfer money between two parties as such the protocol can circumnavigate the fees and wage times of the traditional correspondent banking system in any type of currency can be exchanged including US dollars euros Indian rupees CN gold and airline miles to maintain security open calling programmed ripple to rely on a common ledger that is managed by a network of independent validating servers that constantly compare the transaction records service could belong to anyone including banks or market makers the company also created its own form of digital currency dubbed oxer P in a manner similar to Bitcoin using the currency to allow financial institution to transfer money with lesser fees and weights time among open coins early investors were andreessen horowitz and Google Ventures on July the 1st of 2013 ax RP fund ii which is now called simply ax or p2 was incorporated as a wholly owned subsidiary of open coin and headquartered in South Carolina the following day ripple announced its linking of the Bitcoin and ripple protocols via the Bitcoin bridge.
The Bitcoin bridge allows ripple users to send a payment in any currency to a Bitcoin address ripple also developed early partnerships with companies such as zip zap on September 26 of 2014 open coin incorporated change its name to ripple labs with Chris Larson remaining as the CEO on the same day the ripple reference server and client became free software released as open source under the terms of the ISC license ripple Labs continued as the primary contributors of codes to the consensus verification system behind ripple which can integrate with banks and existing networks in October 2014 ripple partnered further with ZipZap so you might want to ask what makes ripple special to quote Hickey tree 2006 from reddit ripple isn't like most cryptocurrencies it's not a mined corner most coins are all aiming and decentralisation ripple like all other coins is attempting to solve some sort of problem ripple is giving a solution to banks to lower the fees and speed up the transaction times furthermore the incentive is ours banks that are first to adopt a product what else makes ripple special it has the backing of major banks and organizations other heavy hitters in the financial world have also stepped forward to say that this a smart move.
Ripple tends to hold its own ground when the rest of the market corrects itself whereas you might see a slight dip in excel p-value it is often quick and the first to recover the ripple company has a solid board of directors and senior leadership team what else makes it unique the fact it's a smart investment in a company that has a major backing sure the coins aren't necessarily as decentralized as others but they are using the same blockchain technology to move these funds another thing that is worth mentioning is the fact that is a private company unless you have real life money you can't even buy shares in the company for most of its history from 2013 through the end of 2016.
Ripples ax or P tokens were worth less than 0.01 dollars each and generate the first of 2017 ripple value ripples value was 0.006 in other words one dollar would have bought nearly 160 X or P tokens at the time.
The digital currencies price remained stable until March 2017 which is when it's surged by more than thousand percent in 30 days period mostly based on speculations ripple hits an all-time high of 3.84 dollars on 4th of January in 2018 has since given back some of its gains as have most of other major cryptocurrencies even so ripples current value of about one dollar still represents a dramatic climb from just over a year ago.
I hope help you understand more about ripple and generally about cryptocurrencies.
Note: Some of the information is taken from the internet while posting but the full post has been written from my own perspective. If there is any mistake in spelling, please forgive me.
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