There are lots of different cryptocurrencies out there, but the one that really stands out of the crowd is definitely Ripple. This is actually a real time gross settlement system, a payment system that helps you share money with people from all over the world fast and easy. The platform was established back in 2012 and the idea here is that it has a distributed open source protocol at its base. It also supports commodities, cryptocurrency and fiat currency as well.
Why is Ripple different from other cryptocurrencies?
What really makes it different however is the fact that it has its own native cryptocurrency which has a rather large market value. It’s powerful, incredible to use and it certainly brings in front a very good value and quality unlike anything that you can find out there.
The history of Ripple starts with Jed McCaleb and a few others that worked on the project. Jed approached Ryan Fugger who already had a financial service that offers secure payment options since 2005. Fugger was impressed by the idea and he created a system named OpenCoin which would eventually transform into ripple. Ripple wanted to create its own digital currency and then in 2013 the company was renamed Ripple Labs. Jed leaves the company in 2013, and then in 2014 we see this coin bypass Litecoin.
An interesting thing about Ripple is that the beginning of 2015 was very successful for the business, even Western Union announced that they would partner with the company. During May there was FinCEN that fined the company for violating the banking secrets act. Basically, they sold XRP without receiving authorization. When that happened, they took measures such as FinCEN registration, data regulation, external audit and the user authentication became mandatory.
Starting with 2017, the company has opened Singapore and Mumbai offices. They still had some lawsuits, more specifically this time around with R3. By the time September 21 2018 came in, Ripple already got to bypass the Ethereum capitalization. They got to the point where at the end of 2018 the Bank of Kuwait started using the Ripple blockchain. There are a variety of other financial institutions and businesses using their blockchain right now because it’s fast, efficient and it brings in a lot of promise. We know that this is by far one of the best and most powerful systems on the market.
They have a clear idea of what they want to do and the payment system they provide is very secure and full of outstanding benefits for customers. Ripple actually managed to sign partnership agreements with a lot of businesses like Mercury FX or even Microsoft. There are lots of benefits that come from integrating Ripple into their system.
Despite the fact that Ripple is not as old as other systems, it’s still a very powerful one and it delivers comprehensive results. The value is staggering and they do bring in a lot of potential. It’s unlike any other system out there and while it did have some caveats, in the end it’s one of the top methods you can use to push things to the next level and really bring in tremendous value!