Ripple is a new form of cryptocurrency and is a medium to convert any currency into another instantly instead of using it directly for goods and services like other traditional currencies. There is no reliance on central exchange for this.
Ripple does not rely on proof-of-stake or proof-of-work for verifying the transactions. It uses a consensus system for its operation. This consensus system has certain advantages like it requires lower amount of energy to process and run the transactions and this happens more quickly than a proof-of-work system. Although the system is not reliable in the strict sense since it can be compromised by malicious parties or a network lag but the Ripple system is designed to reject the transaction and start again. This helps in preserving the security of the system with the only cost of slight delay in the service.
The most striking feature of this cryptocurrency is that it does not care about the currency you are offering or what you are searching for. Ripple accepts token representations of currencies like yen and Dollars, and cryptocurrencies and specialized ones like reward points and air miles. This system is not risky as it seems and users specify their trust on the network. When a transaction is attempted by a user, Ripple searches for a path to make a link between two people who trust each other.
This relatively newer form of cryptocurrency has gained a lot of momentum. It has now got the second highest market capitalization among other cryptocurrencies and its value seems to be increasing at a good rate. Although due to its design Ripple will not completely replace analogue cryptocurrencies, but the network of payment which it supports can potentially change the way business is done on a global scale.
Where to buy Ripple Coins?
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Ripple Coin Price
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