In the modern era, there are several means of payment … well to be honest with you there have always been several means of payment, however, lately there are a few that have been coming up real fast and have without a doubt taken the world by storm. Two of these upcoming means of payments are cryptocurrency and the other is the digital payment network otherwise or more commonly known as credit card and debit card. Now would it not be an amazing catch if you could get both these facilities summed up as one. You and I both know that that would be a pretty good deal. Well guess what, Ripple brings you both of those gob-stopping services both for the price of one.
The founders of Ripple were Chris Larsen and Jed McCaleb. They brought this mastermind of a cryptocurrency into existence in the year 2012. This co-founded crypto currency is always mined beforehand and is denoted by the symbol, sigil, or sign — whatever floats your boat — XRP.
Ripple is a rather versatile and friendly to all network system. It functions on a source code that is open to all and a platform that works on the basis of a peer-to-peer decentralisation system. Such features propagate for the effortless and uninterrupted flow of money regardless of the currency or form the means of payment is in. You can read more here.
Even though the complexities of how the Ripple network functions do exist there is no denying the fact that its success and its groundwork functioning are dependent on one thing and one thing only and that is all summed up in one simple word “trust”. Every transaction needs something to be built upon and the original building block for everything and anything is trust. Once the transaction is in play the gateway opens and serves the purpose of being a, how shall we say this, middleman who deals in credit. This credit middleman intakes as well as sends out currencies to addresses that are completely public however there is a little bit of exclusivity in the form of those addresses only being made public over the Ripple Network.
Furthermore, on the side of the ‘however’ argument, the exclusivity does not hope to exclude anyone and the fact that any business, organisation, individual, and entity can sign up for free and be a part of the networking system known as Ripple simply goes on reiterate that fact. Once one is on the Ripple network they can go on to use the platform they can initiate the opening of a gateway which serves as the means through which they may go on to exchange currencies, make any necessary payments or purchases, and choose whether or not to increase or decrease their liquidity status.
Moreover, XRP — the cryptocurrency of Ripple — is a non-discriminatory one since it is not one to distinguish or one to pick and choose between other fiat currencies which makes it an extremely versatile and easy to use currency since it can be quickly, easily, and accessible exchanged for other currencies if the need arises.
XRP performs the function of a bridge between itself and other currencies, it helps them connect. Now if you go back to what we were talking about gateways you will realise that gateways all cryptocurrencies that exist in this world have their own gateways. So when any currency has to be exchanged for another or any payment must be made from any specific currency, or a transaction is about to go down where both parties are either using the same currency or different ones all they will have to do is open the respective gateways that are entitled to the crypto currencies that they possess and the rest is history.
The beautiful part about Ripple is that unlike other systems it does not just ask for one gateway to be opened instead it provides people with the option to open up as many gateways as they feel necessary. This process is so important because it helps establish a connection and a bond of trust between the buyer and the seller and as we read before nothing can ever happen without some trust and now thankfully due to the multiple gateways the trust “ripples” through the masses. Read more here.
Ripple is well known for managing its history in a much more not so basic way like the big cryptocurrencies for example Bitcoin. Ripple does not function on a “proof-of-work” network or pattern instead it has something so much better – consensus protocol. Each and every payment that is made on the network, each and every purchase that goes down on the system, and each and every transaction that goes up on the platform all are heavily dependent on the consensus protocol. The heavy dependency on the consensus protocol is because of the fact that it will provide the validation and approval to the accounting systems, this means that without the approval of the consensus protocol no transaction can be made since the accounting systems will refuse to work and transfer any means of payment regardless of the fact of it is deferred or not. However, do not be fooled by the idea that opening multiple gateways and getting validation from accounting systems would be a strenuous and extremely long and time-consuming task because all this happens on the Ripple network system in under just 5 seconds.
Another beautiful fact about the Ripple network is the fact that it is free from control from the top hierarchy or any organisation or government. There is no standing authority that can make the decision as to who gets the permission to set up a node and who does not. Ripple is completely free and open to all and this freedom and openness is another reason as to why so many people feel comfortable using this network. But then again how does one obtain this currency is the question that definitely arises. Well that is another sector where we have you covered. You can purchase the currency with something that we refer to as the order of cards your plastic cards or payment cards like the well-known Visa or Mastercard. The order goes on to dictate the use of the virtual card for such transactions. You can even resort to the use of your Postmates prepaid card, an active PayPal card, founderscard, ncoin card, PayPal card, token card, wirex card, crypto debit card, crypto credit card, and the list goes on and on.