Ripple (XRP) is considered as something much more than a cryptocurrency. By Oksana Teplinskaya

 —  February 7, 2014 — Leave a comment
Ripple (XRP) is considered as something much more than a cryptocurrency

©сс-by-nc-sa 3.0

Ripple’s concept actually predates Bitcoin. Back in 2005, Canadian Web developer Ryan Fugger introduced Ripplepay as a financial service to provide secure payment options to members of an online community via a global network. Later experts discussed the idea of turning it into a peer-to-peer network and using it to facilitate Bitcoin exchanges between people. The network became a fully open source as of September 2013.

Ripple is a payment system, which enables global financial transactions of any size with no chargebacks. It is built upon a distributed, open source internet protocol, consensus ledger and native currency called ripples. The Ripple network supports any fiat currency, cryptocurrency, commodity or other unit of value.

Ripple is considered as something much more than a cryptocurrency. Danny Bradbury, West Coast Editor for, shared his view on it with radio VR:

…The main asset that ripple has is its payment network, which enables people to send many different currencies to and from each other and ripple as a currency unit is actually used as an enabler to send those currencies. So, you need a small amount of the ripple currency in order to send upper currencies across the ripple network.

One of the key improvements is the consensus ledger, which completely removes the mining’s “wasted electricity” problem and makes it much more difficult to successfully execute an attack against the network. Also, the e-coin has won the cooperation of many mainstream players in the financial system. Ripple Labs does not charge any fees nor has any revenue streams to finance support and promotion of the network, though it has been criticized for retaining 25% of “pre-mined” XRPs. And still, Ripple is considered by many as a frictionless and transparent method of instantly transferring money anywhere in the world, and what is more important in this fast changing world, in any currency.

No Comments

Be the first to start the conversation.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>