What is Ripple • Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. • Ripple focuses on providing cross-border payment solutions. • Its main goal is to eliminate the need for older systems like Western Union or SWIFT.
How It Is Different From Bitcoin?
• Ripple is not a blockchain. • it is consensus oriented. • Ripple’s token is not mined like Bitcoin, Ethereum and many other cryptocurrencies. • Bitcoin can handle 3-6 tps while Ripple is able to handle 1500 transactions per second.
What Is XRP
• XRP is Ripple’s token. • Ripple can settle a payment in 3.5 seconds through XRP. • The use of XRP is totally independent of the Ripple network in general.
RippleNet • It is a network of payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a smooth experience to send money all over the world. • Ripple uses gateways. • A gateway is essentially a digital portal that governments, companies, and financial institutions use to join the network. This mechanism is called RippleNet.
Ripple Products • xCurrent: It enables real-time messaging between banks so that payment details can be confirmed. • xVia : It allows users to track payments and generate invoices for their transactions. xVia is a payment interface designed to make it easier to use xCurrent and xRapid. • xRapid: xRapid is the only product that uses XRP. xRapid has been tested by Western Union and MoneyGram.
Banks Supporting Ripple
• • • • • • • • • •
Santander Axis Bank Yes Bank Westpac Union Credit NBAD UBS Akbank BBVA MUFG
Benefits • Transactions are cheaper and quicker than Bitcoin. • Its main focus is to be used by banks. • Ripple has the ability to be exchanged to any currency.
To Know More About Ripple Visit https://xnews.io/