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What is Ripple and is it the next big Cryptocurrency

The Cryptocurrency world is In a crazy frenzy right now everyone is going nuts for Bitcoin and Ethereum which you are probably seeing everywhere right now,!!

Deep in the background though not far behind Bitcoin and Ethereum there is a dark horse gearing up to go on one almighty gallop and break into the biggest race the world has ever seen to become the best global payment system.

The coin I am talking about is Ripple, which is designed to help financial institutions transact money between one another in seconds. Ripple will dramatically change the way we transact money across he world.

Ripple has been sitting under the radar at pennies on the dollar for some time now, yet it sits fourth in the marketplace with the largest market cap at nearly $9bln and the price only 0.23c right now.

When I discovered and joined Ripple a few years ago the price was 0.04c so seeing it mature and gaining vast credibility and such a strong following is just incredible.

I truly believe Ripple has the power to be one of the biggest coins in the marketplace. (which is just my opinion)

Ripple has the potential to go head-to-head against digital currencies like Bitcoin and Ethereum. Why?

XRP the currency tag for Ripple has a clear use case,

“It is one of the largest digital assets by market capitalization and is designed for use by financial institutions as an on-demand liquidity solution for cross-border payments.

For example, payments into emerging markets can require multiple currency traders — added costs — or pre-funded local currency accounts — which often results in trapped capital. Instead, payment providers and banks can use XRP to fund these payments on demand, without intermediaries, at up to 60% less cost to settle.”

Speed is another factor which comes into play. XRP is also the fastest, most scalable and secure digital asset.

“XRP today can process up to 1,500 transactions per second on the XRP Ledger, which is supported by a community of trusted validators and a team of full-time engineers that actively develops and maintains the ledger,”

Ripple CTO Stefan Thomas said. “Unlike other public blockchains that select validators via mining, XRP Ledger’s validators are chosen by users and hosted using enterprise-grade infrastructure, making it the only enterprise-ready blockchain today.”

So what are the benefits of Ripple and what sets this currency apart?

“Ripple is the only blockchain network with real customers – who have signed deals with over 90 customers globally and over 75 customers are in various stages of deploying Ripple for commercial use,” said Thomas.

Ripple also recently announced it is growing its product suite, including xCurrent, xRapid and xVia.

“We are growing to serve our global customer base and now have offices in San Francisco, New York, London and Sydney – and a joint venture with SBI Ripple Asia to serve Asia,” said Thomas.

Mathew Pulickel, Senior Vice President, Emerging Technology at WorldLink, said: “We believe Ripple’s network will revolutionize commerce in the future and the way our customers do business, and that’s why we have chosen to run a validator node on the XRP Ledger”

The fact that 60 banks are now in the process of commercially deploying Ripple’s enterprise software—among them Bank of England,Santander, Royal Bank of Canada and Mitsubishi UFJ Financial Group just to name a few —reflects the company’s drive to,become one of the biggest Cryptocurrencies in the market place.

Here are just some of their customers already…

The company’s larger vision is to build an “internet of value,” a global internetworking system for money—would be tremendously disruptive to the status quo of international banking. In this system, monetary value could flow seamlessly from a bank ledger to a public blockchain to a mobile money system—all interoperable and working together to move money from one side of the globe to the other.

In other words, Ripple doesn’t just want to help banks make cross-border payments. It wants to make the world’s assets liquid. If Ripple has its way, it will do more than knock out Swift; it will have found a way to make money move like information.

In April, the Spanish bank BBVA completed a series of international money transfers between Spain and Mexico using Ripple’s distributed ledger technology. The transfers took mere seconds, BBVA said, as opposed to the four days it normally takes for such international transfers to clear.

But there are signs of progress. In March, Ripple announced that a consortium of 47 Japanese banks had successfully completed a pilot with its enterprise software. Twelve more banks have since joined the consortium, and they are planning to deploy a commercial version of the blockchain solution at scale in October 2017. Ripple’s software is now touching 40% of customer banking accounts in Japan,

Ripple’s Inter-Ledger Protocol (ILP)

With Ripple and ILP, banks can leverage unlimited scalability and complete transaction privacy. This comes in addition to all of the existing advantages of Ripple’s distributed financial technology.

Ripple is thrilled to introduce the Interledger Protocol (ILP) for efficient payments across payment networks.

Time and again, we’ve heard from banks that Ripple changes the game—providing banks the ability to transact directly, instantly and with certainty.

Ripple ILP completed a test in which the company sent ether—the native coin of the Ethereum network—to the Ripple consensus ledger; the ether was received as XRP in a Ripple wallet. It was therefore “both a cross-ledger and a cross-currency transfer,”

Ripple’s Cryptocurrency XRP is today the world’s fourth largest digital currency by market capitalisation. Ripple’s big idea is to use XRP—once its market cap gets high enough and it is being traded heavily enough—to provide banks with liquidity on demand. During a transaction, a fiat currency like the U.S. dollar would be converted by market makers into XRP and almost instantly swapped back into another fiat currency, like British pounds, on the other side.

So as you can see the technology behind Ripple is just incredible and I truly believe this is one to watch. The only problem I do see is that they have far to much supply already in circulation with 38 Billion coins on the market at present & the price is still extremely low does that harness the future price?

Or is the Technology so good that it will push through and become the giant it deserves to be?

Only time can tell….,,

Conclusion

Ripple is a technology that could change the banking infrastructure and the way we send payments around the world with the Most scaleable and fastest payment system in the market today.

Ripple is being tested with some of the biggest financial institutions in the world and passing with flying colours.

There is LOTS of potential for further growth with Ripple especially once this comes into full flow and the banks are using this on a daily basis the sky is the limit.

I know I am adding more Ripple to my Portfolio if you choose to do the same that is up to you.

Disclaimer – This is not financial advise in any way it is just my opinion. And no one else’s.

The future is certainly bright for Ripple & I believe we will be hearing lots more about this coin very soon.

What are your thoughts on Ripple?

Leave us a comment below and share and like if you got value from this post.

Many thanks

The Crypto Pro’s

P.s if you would like more info on anything we do with This subject or Cryptocurrency please get in touch we would love to connect and hopefully work with you too.

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About The Crypto Pro's (38 Articles)
We are the Crypto Pro's team educating and training people on Cryptocurrency & the Blockchain Technology. There is about to be a major shift in the world that will impact many lives. This is the biggest invention of our lifetime so far & we want to help you understand how it works and how you can benefit from this too. Cryptocurrency & the Blockchain will change the world as we know it. So take your time to go through the training's and articles we are here to help you all the way.

4 Comments on What is Ripple and is it the next big Cryptocurrency

  1. Totally agree, and with a big announcement expected around November time, at the currant price it’s well worth a gamble.

    Like

  2. I have added XRP for months now and I think as time goes on and the banking industry get more familiar with the ILP we will see a sharp rise in the use of Ripple. I have started to collect Ripple as one of my main Cryptos for the future. Love your blogs I learn a tremendous amount of knowledge from you. Looking forward to an update about XRP in the future.

    Like

    • Thank you Lee appreciate the kind words and yeskeep an eye out for a new Ripple /XRP blog anytime now.

      I feel you have made an excellent decision with so. Song Ripple right now.

      Thanks for the comment and keep them coming 🙂

      Like

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