Ripple is a platform that transfers any currency anywhere in the world just in minutes. All other services like the well-known Western Union seem to be an atavism of at least the last century in comparison with Ripple.
Ripple has its own intermediary currency - XRP, which enables you to exchange any currency in the Ripple system. At the same time, Ripple is focused on active cooperation with banks that are gradually introducing this platform. Ripple aims to carry out any monetary transactions and almost free, in any volume and without chargebacks.
The Ripple platform was introduced in 2012, although its history began much earlier, in the distant 2004, when Canadian developer Ryan Fugger created the RipplePay payment system and in 2011 it was decided to create a decentralized network. At this time Chris Larsen, who is now the director of RippleLabs, joined the team of software developers. Larsen reoriented Ripple to work with banks in 2013.
In 2014, Ripple had its first success - the Munich bank Fidor agreed to cooperate with Ripple. This event has increased the activity of operations with Ripple on crypto-exchanges and capitalization has increased significantly. Ripple gradually began to overtake existing popular cryptocurrencies in the ranking. Why did it happen? The answer is simple - banks significantly save on transactions by working in the Ripple system with XPR coins. With each transaction the average bank can save about three and a half dollars in Ripple. Given the fact that banks make millions of transactions - this is a significant profit in terms of savings.
In 2014, the well-known company Western Union became interested in the Ripple platform, which also helped gaining popularity of the system and its cryptocurrency. Since that time, the platform has been actively developed, getting up on its feet and strengthening its position. In 2016, Ripple received over $50 million on investments and large corporations such as Google and others became its investors. In addition, Ripple established cooperation with a large number of Asian banks, expanding its area of application. In 2017, cooperation was launched with the largest bank in the United Arab Emirates - Abu Dhabi Bank.
So, an increasing number of banks will introduce Ripple technology in the future, which indicates an optimistic forecast for further growth in prices and the capitalization of the Ripple coin.
It should be said that the Ripple platform was created far from being an alternative to Bitcoin, like many cryptocurrencies appearing at this time, but as an alternative to traditional money and the whole banking system. At the same time, Ripple concentrated all the advantages of the cryptocurrencies existing at that moment: transaction security, small commission, high speed of operations. Perhaps the only disadvantage is the relative disanonymity of the platform.
Earning on Ripple mining will not work since 100 billion XRP coins were originally issued, 65 percent of which the developers have kept for themselves, the rest of it is distributed among ordinary users. In this case, each of the coins is divided into one hundred million pieces, which are called drops.
The system takes about 0.00001 XRP for one transaction and not even as a commission but in order to ensure security as part of the anti-spam transaction. A separate advantage of Ripple is that it is possible to operate not only with various cryptocurrencies within the system nodes, but even with precious metals, which are converted into XRP currency without unnecessary losses. All this is available for free exchange within the same XPR coins. Ripple is also famous for high transaction speed. In other words, high scalability. It is estimated that the system handles up to a thousand transactions per second which is not the limit. Experts say with confidence Ripple can compete with Visa and process up to 50 thousand transactions per second.
Currently, Ripple ranks third in the world among cryptocurrencies in terms of capitalization. In addition, many banks in Europe, Asia and America are currently cooperating with the Ripple platform. Experts say this is not only one of the most promising cryptocurrencies, but one of the most promosing calculation systems, the capitalization and rate of which will increase actively every year. A separate advantage of Ripple, which attracts not only ordinary users, but also many investors, is direct cooperation with banks.
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