In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. In episode 8 of Blockchain Token, Joe goes over Ripple.
Ripple is an earlier blockchain project, created in 2012, that evolved from the idea that decentralized payment and monetary systems need greater scalability and quicker transaction times. They use RippleNet and other features of their network to create inter-connectivity and compatible infrastructures. Check out the video to learn about the project, or read more below!
The goal of the Ripple system, according to its website, is to enable people to break free of the “walled gardens” of financial networks – i.e. credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges, and experience processing delays.
Ripple was created in 2012, being one of the first blockchain technologies after Bitcoin. Ripple knows that not everyone has access or the capital needed for financial services. They aim to cut out financial middlemen in order to eliminate the excess fees and costs associated with banking, payment processing, and the transferring of money beyond borders. Ripple also aims to make it easier to exchange cryptocurrency to fiat currency.
They have implemented a network that solves these problems by creating a singular payment infrastructure system: RippleNet. Even though they have their own network, Ripple claims inter-operability on various networks, increasing the ability for efficiency and lower costs.
According to Ripple’s website, they are trying to be,
“providing global financial settlement solutions to enable the world to exchange value like it already exchanges information.”
Ripple acts as both a blockchain platform and a token. The monetary functions of Ripple include remittance, real-time clearing, 0pen payment network, and extends trust lines established by pre-existing relationships, allowing for a semi-decentralized network.
One of the main competitors to Ripple right now is Stellar Lumens.
If you want to get some resources for Ripple and to learn more about the components of their network, visit our Ripple resource page!
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