Steemit Crypto Academy Season 2 - Week 1 Homework Task for Professor @yohan2on

Hello everyone, I hope everyone is in good health during this pandemic situation. I am @johnsand from Bangladesh.

Finally Steemit Crypto Academy is in action. I really want to thank professor @yohan2on for your important class. I am excited to take a part at your Homework task.

Now, I am focusing on the homework given this week,
Write about any one of these Altcoins below:

Lite Coin (LTC)
Ripple (XRP)
Binance coin (BNB)

For this week, I'm choosing Ripple (XRP) to be explained. I will try to explain every details about Ripple(XRP) point by point. But before I start XRP, I want to discuss shortly about what Altcoins.

Altcoins:

Source

Altcoin is the short form of Alternative Coin. Altcoin is the blend of two words "alt" and "coin" and embraces all alternatives to Bitcoin. The fundamental structure for Bitcoin and altcoins is similar. Thus, they exchange code and function as peer-to-peer systems & as a huge computer efficient of processing sizable amount of data and transactions at the matching time. In some occasions, altcoins further aspire to suit the next Bitcoin by becoming an economical method for digital transactions.

Types of Altcoins

hanging on their functionalities and concord mechanisms, altcoins come in various palate and categories. Here is some quick names of some of the more important ones:

Stablecoins
Security Tokens
Utility Tokens
Mining-Based

Ripple (XRP):

Source

What Is Ripple (XRP)?

Ripple is a technology that acts as not only cryptocurrency but also a digital payment network for commercial transactions. It was first released in 2012 and it was co founded by Chris Larsen and Jed McCaleb. The coin for the cryptocurrency is guessed and tagged in XRP. Ripple is the third biggest cryptocurrency by market cap, backing Bitcoin and Ethereum.

Understanding Ripple:

To acknowledge how the system works, think about a money shifting structure where the two sides on either end of the transaction use their favoured middlemen to receive the money. Ripple is more renowned for its digital payment compact than its cryptocurrency, XRP. Ripple runs on an open-source and peer-to-peer redistributed platform that permits for a seamless transfer of money in any form, this can be Yen, USD, bitcoin or litecoin. Ripple is further renowned for its digital payment protocol than its cryptocurrency, XRP. Ripple operates on an open-source and peer-to-peer localized platform that allows for a seamless transfer of money in any form, whether USD, Yen, litecoin, or bitcoin.

Key takeaways:

Ripple is a technology mostly renowned for its digital payment network and compact, still, it also has its own cryptocurrency, XRP.
Ripple's main procedure is a payment settlement asset interchange and payment system that is alike to the SWIFT system for international money and security convey that is used by banks and financial interceder.
alternately use blockchain mining, Ripple uses a concurrence mechanism through a group of servers to authenticate transactions.
Ripple transactions use fewer energy than Bitcoin, are established in seconds and cost very little, versus Bitcoin transactions which use extra energy, take lengthy route to confirm and cover high transaction costs.

Ripple's Digital Currency XRP:

The digital currency, XRP, reacts as a bridge currency to other currencies. It does not differ in the middle of one fiat/cryptocurrency and another. Thus, builds it simple for any currency to be interchanged for another. Eevery currency on the ecosystem has its own doorway for example CADBluzelle, BTCbitstamp, and USDsnapswap. If John needed bitcoins as payment for the services provided to Sand, Sand does not certainly have to have bitcoins. He can forward the payment to his gateway in Canadian dollars (CAD), and John can collect bitcoins from his gateway. One gateway is not required to begin a complete transaction, various gateways can be used, establishing a chain of faith lapping across the users.

Covering Drawbacks:

Ripple upgraded on some of the drawbacks attributed to conventional banks. Transactions are resolved within seconds on the Ripple network even though the platform controlls millions of transactions regularly. This is different from banks which could grab days or weeks to complete a wire transfer. The fee to deportment transactions on Ripple is also slightest, with the slightest transaction cost required for a quality transaction set at 0.00001 XRP, compared to the extra fees charged by banks for managing cross-border payments.

Source

Current Price of Ripple (XRP):

The current price of Ripple (in USD) is,
XRP = $1.62, this price has its ups and downs between 24 hours it can move to $1.45 to $1.85. Its market dominance is 3.30%.

The Ending:

I'm really hoping that I have explained well enough about Ripple (XRP). This one really cut drawbacks in both cryptocurrency and digital payment system through all over the world. Its minimal time of processing and less fees for transations spreads a positive image through people.

Source of Information

I would like to thank again Mr.professor @yohan2on for giving me this opportunity. Also thanks to everyone in this community.

Cc:
@yohan2on

Thank You
@johnsand