There are many cryptocurrencies in the world, and bitcoin is not the only one. Today, Ripple is widely popular in the world, which many experts have repeatedly buried, but it has proved its survivability with its results. Her life is worthy of the same perpetuation as Facebook – in the form of a single film.
Throughout its existence, the price of XRP has increased more than 20 times, and to this day continues to grow. Many analysts cannot say exactly how long this victorious procession will last, but they are sure of one thing – it is necessary to buy it. And it’s worth waiting for the rollback time, and then adding it to your portfolio. This step will initiate a long-term and effective investment.
Many are in no hurry to call ripple cryptocurrency, although in fact there is every reason to do this. It simply cannot act as an alternative to bitcoin – the blockchain in the traditional sense is not used here. The user is faced with a system of payment gateways, which, by the way, causes considerable interest among banking specialists.
All operations are carried out as follows: the central server divides all the computing work into small pieces, after which it distributes it to all computers on which specialized software is installed. They perform these microtasks, while not loading too much, and send the results back. Today, there are millions of users in the rip-system, and the operation of their equipment gives an amazing total effect.
What kind of work is this? The creator of the cryptocurrency, Ripple Labs, is responsible for all kinds of calculations. Today, there are large amounts of data, the processing of which under normal institutional conditions would take months or even years. They relate to issues related to the environment, environmental pollution, the development of science and technology. If you connect millions of user computers to the analysis process, this will significantly speed up the solution of the problem. At the same time, each participant receives a very real reward in the form of XRP cryptocurrency.
Why did it happen so?
The fact is that Ripple Labs abandoned the traditional path proposed by becoming already in some way a standard bitcoin system. Coin mining has nothing to do with mining: the creators at one time issued about 100 billion virtual coins, each of which has a specific division into a million “drops” – small particles. The lion’s share of the Ripple currency is located at Ripple Labs themselves, and the rest of the array is distributed among other users.
Each individual transaction requires a charge of 0.00001 XRP from the account, and this amount cannot be fully considered as a commission. Most likely, this is protection against spam. Subsequently, the commissions “burn out”, thereby making it possible to carry out deflationary cleaning and increase the value of the currency.
The process of charging a commission for each individual operation also serves as an excellent defense against attack by cybercriminals. If they want to “kill” the system with a huge amount of transactions, then this will eat too much money, while other respectable users will not even notice a malfunction in Ripple.
By the way, the nodes of the Riple system, on which the action of cryptocurrency is based, can perform operations not only with this type of virtual currency, but also with other types, ordinary money, and precious metals. All this is quite accessible for making a trouble-free exchange and movement of funds within the system of nodes.
Where is the explosion
The business of Ripl Labs was expanding steadily. Although considerable progress was made in promoting the currency in 2016, the market did not react to this in any way – the price of XRP remained low. However, there was nothing wrong with this – positive energy for the development of the business gradually accumulated, and in 2017 there was an explosion, and many call it a financial miracle.
Market giants such as Google have begun to actively invest in companies. The firm and its active promotion efforts have been noticed by the large financial markets of Asian countries. The Ripple registry began to operate with Bank Santander, Royal Canadian Bank, as well as Bank of America. A separate consortium was created to promote and develop a unique system.
February 2017 was a time of good news for Ripple owners. It was then that a cooperation agreement was signed with the National Bank of Abu Dhabi. It is the largest financial institution in the United Arab Emirates, managing assets totaling more than half a billion dollars. It is understandable why she wanted to get this technology. Clients get the opportunity to operate with low-cost transactions and not lose a significant amount of money when converting one currency to another.
So, the market value of Ripple is constantly growing. This steady growth is ensured by investor interest, as well as the originality of the system. However, no one undertakes to predict a great future for this cryptocurrency – the financial world is full of perturbations, which Ripple will have to avoid.