Ripple Labs Inc. was founded in 2012 by Ryan Fugger, Chris Larsen and Jed McCaleb. Together they invented and programmed Ripple. The vision of Ripple is that Ripple will be a network that enables easy peer-to-peer payment transactions. Peer-to-peer means from equal to equal. This means that payment is not made through a bank, but directly from one person to another. In 2013 Jed McCaleb left Ripple to found Stellar with Joyce Kim.
Ripple works mainly with banks and other payment service providers to make transactions worldwide easy and with low fees. So Ripple is a network that is used for payments. The crypto currency behind it is called XRP, but sometimes also Ripple. This can of course cause confusion, because Ripple can mean both the currency and the network. The currency is in any case indispensable for the functioning of the network, but other currencies such as Dollar, Euro or Bitcoin can also be sent with the Ripple network.
Ripple has a huge, public database where all transactions can be seen. All account balances are also visible. Therefore you are not really anonymous at Ripple. This distinguishes Ripple already once strongly from other crypto currencies. Decentralization also plays a role at Ripple: Everyone could start a node on his PC, which becomes a part of the network, but then the company Ripple Labs Inc. still stands behind Ripple. Whether Ripple can exist without the company itself is questionable. So a complete decentralization cannot be guaranteed.
One can already notice that Ripple works completely different than other crypto currencies. That is among other things because Ripple is just primarily a network and the crypto currency XRP itself only plays a secondary role. But also the objective of Ripple is completely different. Crypto-currencies often see themselves as opponents to the banks, Ripple however supports the banking system and wants to improve it. Therefore Ripple works also very closely together with different banks.
In any case, the network around Ripple is much more effective than with other currencies. Ripple is currently able to carry out 1500 transactions per second with an average duration of 4 seconds. But this can easily be increased to 50000 transactions, making it suitable for worldwide use.
There is no blockchain at Ripple! Instead, all transactions are stored in the database, where promissory bills can also be deposited. In the database it is then noted that user A must pay a certain amount to user B. However, there is no way to claim this liability directly through Ripple. Only the debt is really stored, a repayment of the debt must be voluntary. Theoretically, one could of course sue for this debt, but so far there is no legal experience in this respect.
Also gemined cannot be done with Ripple, all Coins were already created with the production by Ripple. There are a total of 100 billion coins, 80 billion of which Ripple Labs Inc. has received. They want to distribute 55 billion coins to the users, but so far only a few billion have been distributed. Whether all 55 billion will be distributed is uncertain, because Ripple Labs Inc. is only financed by the increase in value of Ripple. So if the currency loses value, the whole project is also at risk if no further revenue opportunities arise. Ripple Labs Inc. emphasizes that the currency is independent and will continue to exist when the company is no longer in existence, but whether this will happen is of course questionable. In any case a little caution is required here and one should not treat Ripple like other crypto currencies, since Ripple is very different and also the objective is completely different.
Since the technology of the network is well thought out, it is possible to make transfers very quickly and cheaply. However, it should be remembered that XRP is not really intended as a means of payment but is needed to carry out transactions on the network. But if you want to send XRP to other people after all, you can do this fast and cheap.
Another big advantage of Ripple is the close cooperation with banks. So it is actually a crypto currency with an application area in practice. Many crypto-currencies currently have no fixed place in the world, because they do not have great advantages over conventional currencies. Ripple however makes possible that one can dispatch most diverse currencies fast, simply and favorably world-wide. Just this focus on a special application contributes a lot to the success of Ripple. Ripple Labs Inc. has found a problem and wants to fix it. And with Ripple it succeeds.
However, Ripple also has disadvantages. For example, you are neither anonymous nor is the currency really decentralized. But a comparison with other crypto currencies is very difficult, because Ripple is not about the currency. It is only a tool to fulfill the actual purpose. Therefore you should compare Ripple rather with a bank account and with a bank you are not anonymous either.
Another disadvantage, even if this is very subjective, is the lack of a sense of optimism in Ripple. Most crypto currencies have goals that seem almost impossible to achieve, but it is tried anyway. The creators of many coins try to change the whole system completely. And this is exactly what Ripple does not try to do. This is a pity, because with crypto currencies often a change of the system is associated. This is not the case with Ripple. Ripple is simply much more down-to-earth and simply tries to solve an existing problem. It also works with banks, which are actually considered hostile by many fans of crypto currencies.
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Ripple is very, very different from other crypto currencies. If you have read carefully, you will notice that the close cooperation with banks is listed as both an advantage and a disadvantage. Especially investors will be happy about the cooperation, because this offers a certain security, since Ripple is already used in real life. In any case, this protects against a total loss if you want to invest. However it is evenly also a disadvantage, since for many people crypto currencies represent a kind of revolution and one wants to get rid of the banking system with it. Ripple tries however exactly the opposite and works here intensively with the system together.
Who wants to invest thus in crypto currencies and is uncertain, since evenly fast a total loss can occur, should look at Ripple more exactly. Here the probability to lose its entire money is lower than with other crypto currencies. Of course nobody can guarantee whether one wins or loses money with it, but it is in any case safer to invest in Ripple than in some other coins.
A direct comparison is however unfair, since Ripple is actually no crypto currency. At least the intention behind the creation of Ripple is completely different, so you should treat Ripple differently than other crypto currencies. But no matter if you see the intention behind it positively or negatively, it is a very interesting project in any case, which you should continue to observe as an interested person.
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