As you know, XRP is a form of ripple, it is a cryptocurrency. But the most interesting aspect of Ripple is its network and the elements that compose it. In total there are three: the digital currency (XRP), the stock exchange and a network of payments. Two other fundamental elements of the cryptocurrency in question are the Ripple Consensus and Ripple Consensus Ledger. The first is the algorithm that governs all the transitions that take place in the network, the second the register where the latter are stored. Anyone who joins the Ripple network ensures that they can transfer the money to different currencies.
When referring to the underlying technology of McCaleb and Larsen's cryptocurrency, it is also necessary to mention transaction cryptography, a factor that distinguishes Ripple's monetary network. Another point to consider is the reduction of brokerage costs, the same that people are forced to pay to banks during the phases of withdrawal and transfer of money from one current account to another.
How XRP works-Trading XRP
The Xcurrent network rests - on the currency of the XRP, a network of payments and a stock exchange. Its operation is relatively simple if explained in words. To understand this, however, it is necessary to introduce another element that has not yet been considered: the credits IOU (a word indicating I owe you, which literally means 'I owe you'). These credits, within the XRP Ripple network, are none other than the currencies (dollar, euro, yen, etc.).
Once they are sent or received, IOU credits undergo the real money conversion process in Ripple Gateways. When it is necessary to explain the operation of Ripple, it is important to underline that in the network the only accepted currency is the XRP, the digital asset of the Ripple cryptocurrency, which is also the unit of measurement at the basis of the exchange of credits called IOUs. The transitions that occur in the network created and developed by Chris Larsen and Jed McCaleb have considerable advantages, which can be summarized in three decisive aspects: security (use of cryptography), immediacy, and maximum distribution.
Difference between the XRP and Bitcoin cryptocurrencies
XRP and Bitcoin are born as two different projects and this is the reason why the differences between the two cryptocurrencies are numerous. The main characteristic that differentiates Ripple from Bitcoin is its financial nature. At the time of the creation of XRP Ripple, the founders Larsen and McCaleb looked with great interest to a possible partnership with the banking and financial institutions.
Any bank interested in the technology proposed by Ripple guarantees a speed that is unparalleled in the transition operations that occur within the networks of the other cryptocurrencies. In this regard, the gap that Bitcoin accuses against Ripple is considerable (10 minutes vs. 2-5 seconds). Not only does Chris Larsen's and Jed McCaleb's cryptomacy guarantee an immediacy in the unreachable transitions for Bitcoin but it also allows the traceability of any currency (Bitcoin is designed to track only the movements of its digital currency, the BTCs).
The latest news from the XRP currency
November 2018 will go down in history as the most difficult month for cryptocurrency markets in recent years. Compared to other digital currencies, Ripple managed to limit losses from $ 20 billion to $ 17 billion as the value of its equity capitalization. This allowed it to gain second position in the top 10 of Coinmarketcap, behind Bitcoin and in front of Ethereum.
Recently, Ripple has inflamed markets by increasing its stock capitalization above $ 23 billion. The announcement of the imminent launch of xrapid, a payment service created by Ripple for banks and other global financial institutions, was announced at the base of the increase between the end of September and the beginning of October. By adopting xrapid technology, banking institutions have the ability to execute transoceanic payments instantly (in real time). Beyond that, with xrapid banks the liquidity of the same payments that occur between two different continents.