Ripple is an open-source peer-to-peer decentralized cryptocurrency that employs RippleNet as a payments network and allows users to trade any currency in the world. Ripple is one of the early starters in the field of blockchain and cryptocurrencies and currently ranks #3 in cryptocurrency market cap charts.
Facts About Ripple
1. Originally named Opencoin, Ripple (XRP) was founded in 2012 by Chris Larsen and Jed McCaleb and is based in San Francisco, California. Opencoin was later renamed Ripple Labs in 2015.
2. Although, Ripple calls itself a decentralized digital currency. In real terms it is much more centralized than other cryptocurrencies as 50% of Ripple (50 billion) currency is held by the company.
3. According to the Ripple website, they are the world’s only enterprise blockchain solution provider for global payments. Ripple connects banks, payment providers, digital asset exchanges, and corporates via RippleNet to provide a frictionless experience to send money globally.
4. Ripple provides 3 solutions for their customer needs viz: xCurrent for the banking sector, xRapid for payment providers, and xVia for businesses.
XRP can process 1500 transactions per second
5. Unlike other cryptocurrencies which seem to be disruptors, Ripple acts as the enabler of the existing fiat currency-based financial system. They already boast of 100+ established customers and 75+ deploying RippleNet services commercially. MoneyGram, American Express, Standard Chartard, MUFG, RBC, UBS, Santander, Axis Bank are a few of the many big names in the field of finance who are using Ripple services. Recognition and trust from the global financial industry make Ripple one of the most stable and strongest players in the field of cryptocurrencies.
6. Ripple uses open-source Ripple Transaction Protocol (RTXP) also called Ripple protocol which is implemented in the C++ programming language. Unlike Proof of Work (PoW) used by Bitcoin, Ripple implements a Consensus algorithm for speed and scalability.
7. Compared to other cryptocurrencies, Ripple provides extremely fast and scalable services. For comparison, Ripple transaction settles in just 4 sec whereas Ethereum in 2+ mins, Bitcoin in 1+ hrs and traditional systems in 3-4 days. As of July 2017, the Ripple network can handle 50,000 transactions per second which is amazing.
8. Ripple is not mineable as all ripples have already been created by the company. Out of 100 billion Ripples, only 50 billion have been circulated in the open market. Due to zero mining need Ripple network uses minuscule power for operation compared to Bitcoin.
9. In Jan 2018 Ripple’s price reached an all-time high of $3.84. With a total market cap of $120 billion, it replaced Ethereum from Rank #2 on market cap charts. During the same time, although for a short time Chris Larsen, the co-founder of Ripple became the 5th wealthiest person in the world replacing Mark Zuckerberg (Facebook Founder).
10. In 2013, Ripple co-founder Jed McCaleb parted from Ripple and founded Stellar which is currently the strongest competitor to Ripple.
To know more about Ripple, check their official video below.