what is ripple

What Is Ripple?

in News/Use Crypto by

The world of digital money is so diverse and changeable that it is hardly possible to physically embrace and illuminate all the cryptocurrencies that represent it. Often, you just notice somewhere in the depths of consciousness the emergence of a new representative of this large pleiad and safely forget about it, until you accidentally come across information that somehow catches your attention. You start digging deeper and it turns out that the coin that you betrayed to oblivion is rapidly developing, approaching the first lines of various ratings.

what is ripple

Brief story

The beginning of the subject of our conversation was laid back in 2004 by Canadian programmer Ryan Fugger. He then worked on the Ripplepay payment system, which he launched in 2005. The development of the company took place at a moderate pace, but steadily, and after 6 years it was decided to create a decentralized network without mining, but with a higher speed than the cue ball. At this stage, the team added another member – Chris Larsen, who eventually led Ripple Labs. In 2012, a subsidiary of Ripplepay, the company OpenCoins, appeared. Its activity was focused on payment functionality and its improvement.

How to become the owner of Ripple?

In the distinctive features of the new cryptocurrency, we figured out, now let’s talk about how there are ways to get it into the property.

Well, the easiest way is to go to some specialized exchange or exchanger where Ripple is represented and buy coins. It is easier to do this through the exchange office. There is no need for registration, it is enough to pay for the purchase with funds from a bank card and coins will be transferred to your wallet.

The process of buying through a stock exchange is somewhat more complicated. You will need to register for an American specialized service and replenish the balance there. That is, you must have some kind of cryptocurrency (cue, lightcoin, etc.), which you will pay Rippl. However, there is nothing difficult in this process either, the standard procedure.

Cryptocurrency Ripple and its features

One of the features of this crypt, which can be seen “with the naked eye”, is the total mass of coins on the market – there are 100 billion of them. All this set has already been mined by Ripple Labs, that is, it is impossible to mine this digital currency. The company is engaged in the free distribution of its product. A little later we will focus on this process in more detail, but for now, let us return to the features.

There is only one serious feature left, which, perhaps, will plunge many into shock (so that we should leave the faint-hearted to retire). The fact is that in the process of conducting monetary transactions, the currency is destroyed. Well, are you already in shock? Jokes are jokes, but this really happens and this is how – the commission for each transaction, amounting to 0.00001 dollars, does not get to the miners, as in the PTS network, but is simply destroyed. On the one hand, this is, of course, a trifle, but, on the other hand, after each transaction, the money in circulation becomes, if not much, but less.

Why such oddities? All for the sole purpose of avoiding scam attacks. Now an attacker who creates hundreds, thousands, or even millions of mini-transactions aimed at hindering the normal functioning of the network becomes unprofitable such as “subversive” activity. In the event of an attack, the commission will increase to a level that is guaranteed to make an attempt by fraudsters to be unprofitable. For a normal user, the loss of a tiny commission does not make “weather”, but for a spammer with millions of operations, the loss can result in a significant amount.

what is ripple

Is it worth investing in Ripple?

Of course, everyone gives the answer to this question to himself. But good to know and expert opinion. And they, besides those listed above, mark several other points in favor of Rippl.

To begin with, the support of the market value of the coin is due to its potential growth in the eyes of large financial organizations and institutional depositors. The company is protected from problems with regulatory bodies, because its work is carried out in accordance with the law, and the board of directors consists of quite influential and well-known people who, if something happens, can influence the situation.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.