The Ripple platform is an open-source protocol that is designed to allow fast and cheap transactions and it has its currency (XRP) but also allows everybody to use the platform to create their own via RippleNet.
What is RippleNet?
RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.
Moreover, the platform allows you to make payments in any currency including Bitcoin and have a minimal internal transaction commission of $0.00001, yes that’s the right amount of zeros. The only reason it’s not free is to prevent DDoS attacks
Ripple's potential status as security has been a subject of debate for years.
XRP token has a strong connection to the fintech company Ripple, who has long been arguing that the XRP token is merely an open-source technology and that they have no control or influence over its price. They have also gone on record stating that they have not manipulated the price of the token in any way.
In addition to centralization, today it is pretty much a monopoly as Ripple Labs owns 61 percent of the coins.
It is important to note that the American Exchange Commission appears to regard XRP as a security.
So, is XRP security? The answer remains unclear, and will likely remain this way for many more months.
Unlike Bitcoin or Ethereum , Ripple doesn’t have a blockchain. Ripple has its own patented technology: the Ripple Protocol consensus algorithm (RPCA).
What is Ripple used for:
- low commission currency exchange,
- fast international transactions. Average transaction time is 4 seconds,
- payment ecosystem. Users can issue their currency for fast and cheap transaction.
Which banks support Ripple:
- Axis Bank,
- Yes Bank,
- Union Credit,
- UBS .
Ripple recently inked a partnership with Dubai-based National Bank of Fujairah (NBF)
Although there is a long list of very respectable banks that are planning to use Ripple, according to the Financial Times most of them are still on the testing stage. The few who transact real money use the platform but not the token. So, perhaps banks “are not that into Ripple”.
Why is Ripple criticized? It can freeze your transactions. The biggest example of this is when Jed McCaleb, founder of Ripple Labs, tried to sell more than a million dollars worth of Ripple. The transaction was reversed. There are rumors that Jed breached the contract, but even though, the very possibility of freezing a transaction is against basic cryptocurrency principles.
Today we add to our portfolio XRP
Best regards EXCAVO
Testing stage??? Dude you really need to fact check your cut/paste.
People follow your TA, but your giving misinformation. I thought you be better than that....