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Ripple explained by David Hay
What is ripple and how does ripple work?
Today we are looking at the world’s third largest cryptocurrency created in 2012 for use in banks and financial institutions. This centralized blockchain has plenty of supporters & opponents so today I’m going to dive into the details to see what makes ripple tick.
What makes Ripple so unique is it uses a Centralized permissions based private blockchain. This is the opposite of bitcoin which is Public and decentralized.
An almost free to use real time real-time gross settlement system. This allows for cross border transactions to be done instantly. Can work on top of existing systems or replace old systems like swift entirely. It includes address verification and can comply with each country's individual banking compliance systems. for example us anti money laundering laws. Can be used to trade exotic currencies. Thai baht to USD to Venezuelan bolivar.
Not a shady technology trying to rip people off. It Addresses a very real problem. Banks are slow to update. It allows records can be kept private between a few people or public for everyone to see and because its centralized a small group of people control it.
Ripple doesn’t collect transaction fees the way PayPal, banks and credit cards do. However, it does take “a small portion of a ripple (equivalent to ~1/1000th of a cent)” from each transaction. That amount is destroyed rather than retained.
The deduction is meant as to safeguard against the system being swamped by any one individual who might try to put through millions of transactions at once.
Ripple can handle 1000 transaction per second with no latency, it works on top of existing bank platform. Makes processing payments much cheaper for banks which should save the customer money
