Ripple: A Short Introduction to An Altcoin.
Going by the etymology of human existence, from the cave to the use of a computer, necessity has always created in men, the need to create and be creative. Consequently, the need to survive and make things easy for himself, the need to develop better ways of trading, entering into fiduciary arrangements, and most importantly to ensure a smooth circulation and transfer of valuables within their immediate environment.
This started with the exchange of goods for goods i.e. trade by barter, physical exchange of goods for money i.e. sale, transfer of goods for instalments, also known as mortgage etc. Before the emergence of the internet, some of the aforementioned transactions were usually done “hand to hand”, in other words, the two parties will meet in person and negotiate, payment of which is mostly the use of currency. This method of transacting has been seen to be tiresome and timewasting. This brought about the creation several online means of executing transactions. One of which is “The open-source nature of blockchain technology”. Subsequently, the use of cryptocurrencies emerged.
The open-source nature of blockchain technology has however given developers the right to proffer several new cryptocurrencies especially after the inception of bitcoin in 2009. Many of these alternative currencies (altcoins) were widely accepted, thereby raising their market value. One of these altcoins is Ripple.
What is Ripple?
This is the most obvious question, considering the fact that this article is an introduction. Ripple is a digital currency that was developed to pay for transactions online.
It is the second largest cap coin and it works as a payment system, way of exchange, remittance for FAIT currencies, cryptocurrencies and of course commodities. Just like Bitcoin, ripple shares a public ledger with a consensus process.
What is The Purpose of Ripple?
Like all other cryptocurrencies, this altcoin serves as a currency to pay for services. It is an asset that functions as a foreign exchange that can be easily converted to any currency. For example, if you want to convert one currency to another, you will not only go through one intermediate currency but quite a lot. Not to mention the fees in between those exchanges. XRP shortens that exchange process as it works directly as an exchange for all currencies.
Also, the Ripple transactions take less than four seconds and over 1000 transactions per second can be processed on the network, which is way faster than most online methods of payment.
How to mine Ripple
You should note that Ripple cannot be directly mined, about 100 million XRP were generated when ripple was founded. The producers will not make more or less as XRP is extinguished each time a transaction occurs on the network, consequently, the amount of XRP decreases over time. An incentive market maker will be announced soon though.
The Future of Ripple
Here is all you need to know about the future of this altcoin. It hit its all-time high at $0.35. This is because it doesn’t enjoy the support of many influencers or crypto miners. As far as the future of ripple is concerned, only time can tell.