After Ethereum and Litecoin, Ripple became the new prima donna in the world of cryptocurrency. Unlike Bitcoin (BTC) or Ethereum (ETH). Ripple slightly different. It can not be mined, it can not be used as a digital shopping payment tool. And Ripple specifically operate for private company, aka can not be arbitrarily used. Judging from its value, Ripple is much smaller than Bitcoin the king of crypto. But within 12 months, the value of Ripple soared to 29%, with valuations of up to $ 70 billion. For information, Bitcoin alone this year reached a rise of 1.400% with a valuation of about $ 245 billion. Indeed, the value of Ripple is not too large compared to Bitcoin or Ethereum. Until this article is written, today Ripple is worth Rp. 44.110. Obviously far from Bitcoin (Rp 227,776,000) or Ethereum (Rp 15,302,000). But there is something that attracted me to Ripple. Exactly on New Year's Eve yesterday. When the 'blood flood' takes place in the crypto world, all the numbers show red. Except Ripple! Weird bin is magical. With 'sure important' capital before New Year's Eve I tried to buy Ripple for about 20 XRP (Rp 600 thousands). Within days my ROI has touched 30% and tends to keep going up.
Let's get to know Ripple (XRP) more closely.
Ripple was created by Ripple Labs in 2012, adopting Blockchain technology such as Bitcoin and other crypto currencies in general. However, Ripple was created for a slightly different purpose from Bitcoin. In addition to being used as a store of wealth, Ripple also has other purposes as a complement to the use of other crypto currencies.
Ripple, one of the most reliable cryptocurrencies due to price spikes is often unexpected. Several times these coins are recorded to survive when bitcoin prices decrease. If the condition of this coin hardiness, then the potential of Ripple coin will increase in 2018. How Ripple football (XRP) who debuted in 2017 can match Bitcoin?
Ripple has successfully launched its first blockchain conference in 2017. Ripple announced their collaboration with the Gates Foundation and increased RippleNet members to more than 100 financial institutions. This new development in blockchain technology has at least saved 55 billion XRP coins.
Ripple is a Real-time Gross Settlement (RTGS) system, currency exchange and remittance network. Ripple is built on a distributed open source internet protocol, a consensus and crypto ledger called XRP. This token was released in 2012, representing fiat, crypto, commodity or other value units. Ripple uses a consensus process that enables payment, exchange and remittance in a distributed process.
Main Purpose of Ripple Creation (XRP)
The main purpose of Ripple creation is as a global payment tool based on Internet Protocol, such as HTTP and TCP / IP used in website and data settings. However, Ripple is specifically designed to transmit and receive Universal Cross-Chain payments. That is, Ripple can act as an exchanger against the currency of the State (Rupiah, Dollar, Pound Sterling and others), Cryptocurrencies (BTC, ETH, LTC and others), up to Commodities (Gold and Silver). In short, Ripple becomes an easy solution for the exchange of currency with each other.
Excess Ripple Coin (XRP)
In addition to having technologies and networks that support various currencies of countries in the world, Ripple also has a mission to knock down the walls that limit payments in the financial world. Someone who uses PayPal, for example, can only send money to fellow PayPal users or shop on sites that have been working with PayPal. The same thing happens where MasterCard users can only shop in stores that have EDC MasterCard machines. Every existing payment system is created and works in its own way so that one system with another can not be connected directly. Someone who receives payment in Bitcoin, can not accept payment by Credit Card without EDC machine. In contrast, merchants with EDC machines can not accept Bitcoin if they do not have Bitcoin wallets. Ripple is here to fix this situation.
Now the world's major banks such as Fidor Bank, GSR Markets and Saldo.mx have integrated with Ripple technology to facilitate the process of remittance transfers or remittance, as well as facilitate entrepreneurs to grow their business. Although Ripple's market cap is not as big as Bitcoin yet, Ripple is second only to Bitcoin in the entire digital currency in the world.
A. Ripple is an internet protocol
To conduct financial transactions. You can use Ripple to send money anywhere in the world, in any currency,
instantly, and for free.
What is an internet protocol?
Internet protocol is a set of rules designed so that computers connected to the Internet can communicate with each
other.
Examples of Internet Protocols
- HTTP Protocol (Hypertext Transfer Protocol) for creating and sharing websites (www).
- SMTP protocol (Simple Mail Transfer Protocol) to send messages over the internet.
- RXTP Protocol (Ripple Transaction Protocol) to transact over the internet. With RTXP it allows to transfer values
on a distributed network.
Who owns these protocols?
No protocol has. Anyone can use it on their software or business. Ripple is free and open source. As with email,
nobody has it, and therefore no central carrier.
B. Ripple is a currency based on mathematics
There is a mathematical-based currency called XRP (sometimes called "ripple") which is the native currency of the
Ripple network. Just like bitcoin in Blockchain, XRP exists natively in the Ripple network as a currency free from
counterparty. Ripple network users are not required to use XRP as a medium of exchange or store of value. The
Ripple network is currency agnostic. Users can use the currency they want, either USD, BTC, XRP, or others.
For the above advantages, the advantages of using Ripple are:
- For financial transactions.
Some advantages of financial transactions with internet protocols:
- Payment is cheaper because Ripple is not owned by anyone.
- Payment is faster. Because Ripple transactions are automatic, payments can be fully resolved in seconds
- Easy to reach finance. Because Ripple only requires internet connection. It can provide financial services for
billions of people in areas not covered by banks.
- Interconnected finances. By creating a common protocol for money, Ripple makes transactions between
independent businesses easy. It reduces friction and inefficiency in the financial system.
Money in the digital age is actually just another type of information about credit and debit stored on a digital ledger.
- Universal Translator.
Ripple is global. It is the first universal translator for money. Now every currency has a smooth quality of the
transactions of a global currency. You can have a balance in gold or bitcoin and easily make payments in US Dollars
or Euros. Ripple gives everyone complete freedom of choice for currency in transactions.
The distributed Exchange Ripple allows users to trade without the need for third-party brokers or exchange. All can
enter offerings on a global order book, and the Ripple network will find the most efficient path to match orders.
There are no network charges, and no minimum transaction.
Benefits of Using Ripple (XRP), namely:
Here are some of the advantages of using Ripple Internet Protocol-based transactions:
• Payment is cheaper. Because Ripple is also a crypto currency that can not be regulated value by any institution
(organization), government, and even the creator itself.
• Payment is faster. Ripple transaction is automatic, delay that occurs just a matter of seconds.
• Easy to reach finance. Ripple is a crypto currency and an internet-based service; so unlike Conventional Banks that
can only reach customers from Offices and ATMs, Ripple can reach all users with internet access.
• Interconnected finances. The Universal Cross-Chain currency exchange protocol enables easy and fast business
transactions.
Potential Ripple Coin (XRP)
As of December 30, 2017, it was noted that the XRP market reached 110 billion US dollars. This value puts Ripple in second place in the Cryptocurrency Market Cap ranking. The trail of success below will be the basic guide for those of you who want to invest from Ripple's potential.
Early in the launch, XRP coins have entered the Six World Cryptocurrency Exchanges, helping to meet global demand. As of December 2017, XRP is listed on more than 50 exchanges and continues to grow. Expansion through additional exchanges reinforces that XRP is the fastest and most measurable asset on the market.
Ripple coin technology has increased the speed and transparency in global payments. This technology upgrade is considered the most popular being made by the Federal Reserve. Swell by Ripple, the first blockchain conference is considered to be very successful in a two-day program in Toronto, October 2017. Key speakers in the program include Dr. Bernen Bernen and Tim Berners-Lee, inventors of the World Wide Web (www). This conference talks about payments and industry trends, the future of blockchain.
Ripple has set up and amounted to 55 Billion XRP at Escrow to ensure the availability of XRP coins. Ripple will use Escrow to assign 55 contracts each 1 billion XRP. This contract will expire on the first day of each month, from the first month up to 54. Unused XRP coins at the end of the month will re-enter Escrow.
Ripple Escrow XRP, Supply Predictability. Apparently Ripple has convinced the market for people's concerns over coins owned. Everyone can verify the maximum number of XRP coins that can enter the market. This is considered to allay concerns that Ripple could flood the market. Locking the total number of coins in circulation in order to build XRP liquidity and a healthy and transparent market.
Consortium of Bank of Japan in December 2017, a coalition of 61 banks in Japan organized by SBI Ripple Asia. The consortium has announced the launch of Ripple with Woori Bank and Shinhan Bank. These two banks are the largest in South Korea with a collective market capitalization of more than $ 30 billion. The Bank of Japan consortium is set to use Ripple (xCurrent) technology to complete transactions between Japanese banks.
November 2017, Ripple's instant payment service in collaboration with Axis Bank (India), RAKBANK (United Arab Emirates), and Standard Chartered (Singapore). This cooperation is to meet the demand for this increased real-time payments service. These banks will use RippleNet to send cross-border and fast payouts.
Ripple is partnering with financial institutions and payment providers to research the market. Recorded since October 2017, at least more than 100 financial institutions have been working with Ripple Net. Among them are Bexs Banco, AirWallex, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo.
Not only that, beginning in 2018 Ripple has set up a prestigious project to target a larger market in digital currency. The programs that will be implemented are:
- End of year closure (plan Q3 2017) on 31 December, Ripple will announce new partner xRapid.
- Ripple will launch an instant exchange of 15 digital currencies, entering SCExchange listing on December 31, 2017.
- Ripple plans to join DMM Bitcoin which will launch a new website for trading virtual currency on January 10, 2018.
- Even Blockchain Technology Evolution in the United States and China on January 26, 2018, the talker is Brad
Garlinghouse.
According to some practitioners, Ripple coin price prediction (XRP) will continue until Q1 2018 targeting 10 dollars per coin. The price to date is around 2 US dollars per coin. Potential Ripple coin can make money moving on the basis of the speed of digital information. The speed, transparency, and scalability of XRP can help financial institutions move money in real time.
Ripple Coin Security (XRP)
XRP is very safe to use because it protects the Network from Abuse because the Ripple network is based on the shared ledger of the accounts. A malicious attacker may create a large amount of "ledger spam" (eg fake accounts) and transaction spam (eg fraudulent transactions) with the intention of burdening the network. This can lead to uncontrollable ledger size and disrupt the ability of the network to quickly process legitimate transactions.
To protect the network from misuse of redundant ledger ledger creation, each Ripple account is required to have a small reserve of XRP to create a ledger entry. The current reserve requirement is 25 XRP. This requirement is intended as a small amount that is not so valuable to normal users while it can prevent potential attackers from collecting large false accounts to "spam" the network.
For every transaction processed, 0.00001 XRP is destroyed (approximately equal to one per hundred thousand US Dollars). This is not a fee collected by a particular party. XRP is destroyed and no longer in circulation. These transaction fee amounts are also designed to be less valuable to users. But when the network is under heavy load, as when it is attacked, this fee will rapidly increase. The purpose of this design is to quickly bankrupt the attackers and keep the network functioning smoothly.