What is Ripple?
Ripple cryptocurrency, a catchall name, was co-founded by Chris Larsen and Jed McCaleb in 2012. The coin for cryptocurrency is labeled as XRP. It is a technology that can be used as both cryptocurrency and digital payment network for your financial trades. It is an open source and peer-to-peer distributed platform which lets you transfer money in USD, Yen or Bitcoin. It’s a centralized cryptocurrency in a decentralized space.
How does Ripple work?
Ripple uses a medium known as Gateway which forms a trust chain between the two parties who want to make a transaction. Gateway is similar to credit intermediary which sends and receives currencies to public addresses by using the Ripple network. It is based on shared public database which use consensus procedure between the validating servers to guarantee reliability. Like Bitcoin, Ripple’s network doesn’t have a proof-of-work system. The transactions depend on a consensus protocol to authenticate account balances and transactions which enhances reliability of the system.
Ripple and XRP?
XRP, its digital currency, is like a bridge currency which connects other currencies. It is easy to exchange different currencies by using Ripple network …read more
Read more here:: What is Ripple and How to Invest in It: Everything You Need to Know