What is Ripple

What is Ripple

Ripple is one of the most popular projects on Coinmarketcap. It was launched in 2012 when ICO as the crowdsale format for the new tokens did not even exist. The first tokens were purchased by partners of Ripple and people involved in the project.

Ripple is announced to become the global payment network that will link banks and other financial organizations together. This global system is called RippleNet and it was created by technology leaders from Google and MIT.

Advantages of using Ripple

Gross Settlement

This groundbreaking technology allows transactions to happen one by one instead of sending them as groups the way banks do. Banks can connect to the RippleNet as partners. When a bank connects to the network users can access it through their local interface. This feature can be used not only by individuals, but also by organizations that are interested in banking activities.

xCurrent

This feature allows banks to process transactions between each other using blockchain-based network. It works similar to Swift, but works much faster and is secured by decentralization.

Banking Clients

Ripple is the project that connects Banks, users and businesses together. That’s why they need to communicate with banks to provide the supply for their network. They have created the strong feature that allows banks to register and to participate in this network.

Ripple definitions

Cryptoasset

XRP, the token of Ripple project, is by all means a cryptoasset. It can be bought, sold or exchanged. It also can be stored on wallets as the part of your Investment Portfolio.

Exchange

You can exchange XRP to other coins using different platforms called exchanges. Or you can compare their prices between each other and choose the best one using aggregators like Bestrate.org.

Node

Nodes are the computers that process Everton’s action and add it to the blockchain solving special task and generating new coins.

Market cap

XRP coins can be converted to USD. If you multiply the number of coins by the price of one coin you will get the market capitalization of the whole network. This information can be extremely useful for an investor.

Ripple investment strategy

Ripple is a prosperous and popular project. The price of its token has already grown more than 100 times. It’s going to be a great addition to anyone’s Investment Portfolio. This project has the support of real businesses and is likely to be profitable. The best investment strategy for Ripple is “buy&hold” as its price is likely to grow in future.

How to transfer XRP securely

Here are some ideas that will help you keep your Ripple tokens safe.

Never type a wallet address manually

Always use only copy-paste operation to enter a wallet address. Any mistake can cause an error and let your money get lost in the network.

Look up the transaction fee

Any good wallet or an exchange platform will show you the transaction fee for your money transfer. Look for it anytime you send XRP coins to anyone.

Double check the address

Make sure that the address of the recipient is correct and check it several times before sending off the sum, especially if you transfer big amounts of XRP coins at a time.

Test before sending

Anytime you send huge amount of XRP check the whole procedure on a small amount. When you will be sure that your partner has received the money, do the same thing with the rest of the asset.