What is Ripple?

0
441
What is Ripple

What is Ripple?

It’s good to know that Ripple is something completely different from Bitcoin. Ripple is a back-end infrastructure and not a consumer-facing product. Ripple is not a currency. It’s an open-source, global exchange. Anyone can access it and everyone has an equal right to use it. Ripple, the company, does not control the network, collect fees, or limit access.

Ripple is a distributed, real-time payment protocol for anything of value. It is a shared public database, with a built-in distributed currency exchange, that operates as the worlds first universal translator for money. Ripple is currency agnostic and has a foreign exchange component built right into the protocol. Ripple acts as a pathfinding algorithm to find the best route for a dollar to become a euro or airline miles to become Bitcoin. It will look at all the orders in the global order book. anybody can put a bid-ask on anything of value. The Ripple protocol is designed to route every transaction to the cheapest price available on the market.

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Ripple connects Banks, payment providers and digital asset exchanges via RippleNet provide easy experience send money globally. Released in 2012, Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.

Built on one of the most advanced blockchain technology which is secure and inter-operates different networks. Provides optional access to the world’s fastest and most scaled digital asset for payments.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here