🚀 Steemit Crypto Academy Season 2 - Week [Altcoins: "Ripple or XRP"] | Homework Task Article for Professor @yohan2on

What is XRP?

_{https://www.gemini.com/cryptopedia/ripple-xrp-cryptocurrency-fiat-bridge}

Important Terms You need to Remember about XRP

✨ xRapid

_{https://thexrpdaily.com/wp-content/uploads/2019/08/xrapid5.jpg}

xRapid is a medium for the liquidity, given by Ripple labs and intended to be used as the conduit between fiat currencies in cross-border transactions by financial institutions.

✨RPCA (Ripple Protocol Consensus Algorithm)

_{From Ripple Files}

XRP and xRapid depend on the proprietary ripple technology, known in simple as the Ripple Protocol Consensus Algorithm or RPCA, and that all the ripples and XRP transaction details is kept in a shared common directory classified also as XRP Ledger.

✨XRP Ledger

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The directory is operated by a network of autonomous verifying nodes that continually review your transaction records, but Ripple advises its customers to use the list of approved clients, also known as UNL, to verify their transactions.

✨Unique Node List (UNL)

_{https://miro.medium.com/max/1987/1*RKa6b0dwNJUYu8LDQYJ3Fw.png}

The Unique Node List's nodes constantly trade transfers with one another and, also with aim of agreement being that each node applies the same set of transactions to the current ledger. Transactions that are decided there by a massive majority of nodes are considered legitimate. Consider a large group of trustworthy people, and the network requires approval from all of them to make a decision, but if one of them refuses, nothing can happen before the problem is solved.

✨xCurrent

_{https://xrprightnow.com/wp-content/uploads/2019/05/xcurrent.jpg}

The financial system's communications and settlement dilemma is being solved by xCurrent. It enables banks to communicate and settle in real time. It does not address the liquidity problem, which is why the ODL product exists.

✨ xVia

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allows payment originators and corporates to send international payments through financial Institute's
that's been connected to ripple net using an API based standardized interface payments can be attached with
rich information like an invoice or payment status.

How does it work?

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Suppose Senny from Philippines wanted to send 5,000 Philippine Peso to Yohan2on who is based in Uganda. Senny then transfers the money thru a service that is provided by a financial institution that is using xRapid solution. The service then connects into asset exchanges in both the origination and destination country.

Senny's 5000 php is exchanged into XRP which provides the necessary liquidity to power the final payment and in seconds that XRP is exchanged into Ugandan Shillings and it's accessible by Yohan from their local assets exchange.

🌝 PLUS FACTORS!

➕ Ripple helps major financial institutions solve issues. It also improves capital flow, which is beneficial to the economy. Ripple, on the other hand, may be useful for startups. The Ripple network, if widely implemented, would give millions of small businesses and entrepreneurs access to the global market.

➕ Ripple is a full-fledged corporation, not just a cryptocurrency or technology. Ripple Labs Inc employs more than 500 people full-time, including public relations and marketing experts who sell the technology to banks, customers, potential consumers, and the general public.

🌚 NEGATIVE FACTORS!

➖ I do think in my own perspective that Chris Larsen, the chairman of Ripple, owns about 1/3 portion of all XRP is not good. Ripple CEO Brad Garlinghouse, as well as other prominent board members, own a large amount of the business. There's a risk the price of XRP is overleveraged because too much of it is centered in only a few hands.

CONCLUSION

Before I end my article this is not financial advice as we already know the sayings in crypto "DYOR or Do Your Own Research". Tho I am very bullish when it comes to Ripple or XRP, it is also the best coin or most-used coins here in the Philippines as it is fast and with the lowest transfer fees where usually use to cash out our funds from global exchanges to our local ones. I am also holding some of it now, and let's see where does Ripple goes, especially with the recent good news of new SEC's Chairman favors cryptocurrencies.

Thanks to prof @yohan2on for an amazing lesson about Alt Coins!