1. Ripple Overview
Ripple Coin is a cryptocurrency that ranks second in the market cap as Ethereum Ripple Inc. beats Ethereum.
This is the first commercial blockchain commercialized to handle large bank transactions quickly.
Ripple is also called 'SWIFT 2.0' in the sense of the next generation 'SWIFT'.
2. Issuer
For financial transactions, real-time batch payment system and decentralized banking technology equipped with a money transfer network enable real-time international payment at a low price, allowing immediate settlement of payments, thus reducing the risk of accidents.
A total of 100 billion Ripples have been issued, some of which are managed by Ripple Labs, of which only about 40 billion are traded on the market.
The Ripple protocol is open, free and open source, allowing anyone to participate in development and is designed to accept transactions based on what the participants have agreed to.
3. Function and features
-Ripple does not require banks to pre-fund their NOSTRO accounts, ensuring liquidity, payments are fast and scalable. That's why it's a preferred coin on Western banknotes.
-For countries where Gateway is installed (Europe / America / New Zealand / Australia / Korea / Japan / China, etc.) provided to use the Ripple Network, you can transfer money after converting it to XRP and sending money. Ripple is already being introduced by many banks (15 top 50 banks) that leave foreign exchange margins using the Gateway system, such as companies or banks that send money to foreign countries with relatively low exchange fees.
-Ripple transactions are encrypted using ECDSA and ED25519 algorithms, allowing direct bank-to-bank transactions on different networks.
Ripple uses a method called the Ripple protocol, which allows multiple independent servers to synchronize with each other and validate transactions instead of P2P.
-In order to prevent network spam attacks, 0.00001XRP is paid for every transaction, and the fee paid is forever destroyed.
4. Mining method
Ripple has not been mined like other coins, but started with 100 billion issued from the beginning.
In other words, it is a cryptocurrency that does not use mining methods.