The Block Chain

The birth of the first triple ledger decentralized software system (a.k.a. Bitcoin) introduced the world to the promise of the blockchain. Bitcoin was just the first of it's kind though and it's now a bit dated given the fact that it was released in early 2009.

Since that time a number of more advanced blockchains have been created including Ethereum...

Ethereum-a smart contracts platform

...and a new favorite of mine Ripple.

Ripple-a new cryptocurrency for interbank transfers

What is Ripple though?

Ripple is a company which has created a new form of interbank lending known as the Interledger Protocol (ILP). ILP can send money between banks much faster and more securely than present systems such as SWIFT. The Ripple cryptocurrency is called XRP and is not directly connected to the growth of the ILP.

Huh?

By now I'm sure you're confused. It's quite simple really. The ILP gives banks the options to use XRP as the money transfer medium or any other currency of choice. (XRP obviously being faster but also more volatile in value moment to moment) This will most likely be used for currencies that are not traded that much such as Nepali Rupees or Mongolian Tögrög.

This is helpful to all parties involved in the transaction, but it is not a requirement to use the ILP.

XRP has been trading at around $0.16 USD over the past few weeks. (But trading in Korea has pushed the price up to almost $0.30 USD over the past few days) So if you're looking for an entry level cryptocurrency to jump into this might be the best among the bunch.

But don't wait because who knows what it will be this time next year.

(CH)

*Shout out to @cryptastic who has a few XRP gathering dust on his digital crypto shelf somewhere just like me.