Ripple is a technology which acts as both a cryptocurrency. And a digital payment network for the financial transactions. It was released in 2012 and co-founded by Chris Larsen and Jed McCabe. Ripple also operates on an open source and decentralized peer-to-peer platform.
That allows for a seamless transfer of money in any form, whether USD, Yen, Litecoin, or bitcoin, It is also built upon a distributed open source internet protocol, And has got its currency called as a ripple(XRP). After when XRP released in the year 2012, it enables ongoing security issues. Ripple is also based on a shared and public database or the ledger. Which uses a general least agreement, And it allows the payment, exchanges and the remittance on to a distributed process.
XRP
Likewise, XRP is also known as a native currency of the Ripple network and are now divisible to 6 decimal places. The smallest unit is called as a drop, and almost about 1 million tears make 1 XRP. Initially, there were nearly 100 billion XRP was created as per the protocol rules. While doing any ripple transaction here needs no third party. Out of the established, 100 billion XRP 20 billion retained by the creators. Now the remaining 80% of the XRP is being distributed by the creators. To increase the XRP liquidity and to strengthen the transactions of the XRP markets.
Bridge Currency
This ripple now uses as a bridge currency. And can use even if there is no direct exchange between the two countries at a specific time. As like while transacting between any two traded currency pairs. Its focus is to establish as an alternative source of currency And is also intended for exposing more network to the liquidity.
Though bitcoin is also used as a digital currency now, Today XRP also lies in the third position in market capitalization. But many of the peoples of the world now think that ripple will be a more significant future challenge. Bitcoin currency fell 54% in value in one-year time by 2014.
It is also called as a failing digital currency in making money between the countries. So how it fees get down. Between ripple and bitcoin, today one can also say without any doubt. And hesitation ripple is the winner because it processes everything like for its creation — likewise, the development of the Ripple protocol and the ripple payment/ exchange network.
Despite this, the reaction of XRP is not the same in the cryptocurrency community. It also gets polarized the bitcoin as XRP is also made and requires no mining. Now, most of the disputes settle down, and the company expands its business to the rest of the world. If it is so, I pretty assure that ripple(XRP) will overcome bitcoin shortly.
