Crypto Academy Week 9 - Homework Post for @alphafx

There are lots of product in the blockchain market, A blockchain is nothing more than a distributed, and trust-less, database. This also implies that it is cloned across the world on many thousands of nodes. In alternative applications, blockchain is employed to record things apart from monetary transactions. several assume that this ‘other’ use are going to be the foremost important use case of a blockchain. as an example, not can deeds ought to be housed in courthouses for safe-keeping, deeds are going to be far more reliable if recorded, redundantly, across several several nodes. this might mean that once force, a version are going to be compared to any or all others; once a match happens, a node can vote “yes” (automatically). If a non-match happens, a node would vote “no” ( or in binary, “0”). during this manner, fraud is prevented as any modification to a document would trigger this method. Fraud would wish to result a modification on the numerous thousands, or millions, of nodes at the same time and before this accept/reject method commences.

Ripple (XRP)

Ripple is a currency exchange remittance network created by Ripple Laps Inc. And it is built for payments. It’s initial release was in 2012 and it started getting recongnition in 2018. Ripple is one of the best digital asset for global payments, and also offers institutions the fastest and most reliable option for sourcing liquidity on demand. It can be sent directly without needing a central moderator thereby making it a convenient instrument in bridging the gab between two different currencies more efficiently and quickly. It is a real time gross settlement program/system. The US securities and exchange commission (SEC) filled a class action suit against ripple in may 2018 stating that they led a scheme to raise hundreds of millions of dollars through unregistered sales of its XRP tokens. It is alleged that the company created billions of coins out of nowhere and profited by selling them to the public in a never ending initial coin offering.

XRP is a token which is used on the ripple network to enable transfers of money between different crypto currencies. Live settlement systems normally use US dollars as its common currency for converting between other currencies. It incurs currency exchange fees and takes time, that is why bank transfers between accounts in different countries often take up to two to three days to process.
Converting the value of the transfer into XRP, otger than USD, exchange/transaction fees are eliminated and processing of payments is thereby reduced to seconds. Banks such as Santander bank, Fidor bank, common wealth bank of Australia have all said that they are implementing applications using the Ripple network payments system. Ripple has certainly gained a lot of stability and organizations using it have indicated that the tokens will become valued commodities in their own right. Last year, XRP token was said to have outperformed bitcoin or any other crypto currency. As at 2017, one XRP was valued at $0.006. It peaked and earlier this year 2021 its value was €3.87, before crashing down to its current value of $1 per XRP. XRP is also traded on crypto currency exchange platforms such as Binance, Poloniex and Okex. Normally you can’t buy XRP with existing government issued fiat currency (paper money), you first have to buy Bitcoin or Etherum on any exchange platform of your choice then you exchange for XRP.

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Ethereum (ETH)

Ethereum was founded by Joe Lubun and it was launched in 2015. Ethereum is an open source blockchain, a decentralized blockchain program used for its own crypto currency. It allows smart contract and (Dapps) to be built and ran without any control,interferance, fraud and downtime from a third party. Ethereum is also a programming language running on blockchain and helps developers to build distributed apps (Dapps)

Ethereum as a digital currency is traded like other crypto currencies and it is used to monetize work and to run applications. Ethereum is the second largest virtual currency behind bitcoin (BTC). It is faster to acquire ethereum (ether currency) than bitcoin (BTC) and there are other units in circulation than bitcoin.

What Is Ether (ETH)?

Ether as a blockchain is that transactional token that oversees all operations on the Ethereum network. All of the programs and services connected with the Ethereum network would like computing power (and that computing power is not free). Ether could also be a sort of payment for network participants to execute their requested operations on the network. The total number of ether tokens doesn’t have an absolute cap unlike bitcoin. It changes and grows according to demand. The ethereum blockchain is possibly larger than the bitcoin blockchain and it’s expected to outspace bitcoin in the future.

While ether are going to be thought of as a result of the cryptocurrency of the Ethereum network, metaphorically speaking, it is a ton of correct to envision with it as a result of the "fuel" of the network. Ether tracks and facilitates all transactions at intervals the network. This technique is notably completely totally different from the workings of a daily cryptocurrency. yet, ether can have some properties that build it identical as totally different cryptocurrencies, like bitcoin.

Many people confer with Ethereum as an alt-coin or another style of cryptocurrency, other than Bitcoin. However, Ethereum is additionally a blockchain platform. Since 2013, Ethereum has offered developers AN ASCII text file distributed computing platform wherever they will discover all the advantages of blockchain. Vitalk Buterin was accountable for making this customized resolution.

With Ethereum, you'll be able to write codes exploitation the Ethereum Virtual Machine run-time surroundings. If you’re inquisitive about exploring good contract choices, this might be simply the service for you. the general public platform could be a Proof of labor resolution, which implies that it’s a touch slower in terms of speed, however it’s conjointly accessible anyplace within the world.

The Ethereum technology uses blockchain development to exchange the storage of client information, as well as monetary records, by third-party web firms. A blockchain could be a distinctive kind of database; in an exceedingly blockchain, information is kept in blocks that are in chains along in written record order. Blockchain was originally accustomed record bitcoin transactions. Today, it provides the muse for many major cryptocurrencies.

Before investing in any crypto currency, you should first research and have deep knowledge of it, make up your mind and decided if it’s likely to be valuable asset in future. The value of all crypto currencies are volatile and can go down quickly just as it rises.
A piece of advice is “never invest more than you can afford to lose”.

@alphafx