#Ripple 101: The global payments system for institutions.
Here's everything you need to know about $XRP, the currency exchange system that allows for fast, global, low cost transactions
A thread π§΅π
Here's everything you need to know about $XRP, the currency exchange system that allows for fast, global, low cost transactions
A thread π§΅π
2. #Ripple is a currency exchange system that allows for fast, low cost transactions.
Rippleβs primary goal is to connect financial institutions, payment providers, andΒ exchanges to provide faster and cheaper global payments.
Rippleβs primary goal is to connect financial institutions, payment providers, andΒ exchanges to provide faster and cheaper global payments.
3. Launched in 2012, #Ripple has gained significant traction and adoption. Using the XRP ledger, Ripple aims at creating the best environment for payments.
Using RippleNet, a p2p decentralized platform, Ripple allows fiat and crypto to be transferred globally and instantly.
Using RippleNet, a p2p decentralized platform, Ripple allows fiat and crypto to be transferred globally and instantly.
4. #Bitcoin completely changed the payments & finance landscapes. Bitcoin allowed for a fast, global store of value.
However, bitcoin and traditional financial systems have their flaws, this sparked the birth of Ripple.
However, bitcoin and traditional financial systems have their flaws, this sparked the birth of Ripple.
5. In most industries, consumers face a trade off between efficiency, speed and cost.
Most companies offer 2 of the 3. However, with the advent of technology and digital platforms, all 3 of these have been offered.
Most companies offer 2 of the 3. However, with the advent of technology and digital platforms, all 3 of these have been offered.
6. Netflix, Zoom and other platforms have been able to offer great, cheap and fast services to their users.
The primary reason for this was that digital companies no longer had expensive overhead and digital platforms allowed for scalability.
The primary reason for this was that digital companies no longer had expensive overhead and digital platforms allowed for scalability.
7. In the world of payments, there exists a similar tradeoff between reliability, speed, convenience and cost. This tradeoff is further accelerated for cross border payments.
This is the exact tradeoff that #Ripple is trying to solve.
This is the exact tradeoff that #Ripple is trying to solve.
8. #Ripple is able to process transactions in a few seconds, even when there are millions of transactions.
Fees are incredibly cheap, with the minimum cost for a standard transaction at 0.00001 $XRP.
Fees are incredibly cheap, with the minimum cost for a standard transaction at 0.00001 $XRP.
9. Unlike other cryptos that have a focus on the user, #Ripple is focused on banks, institutions and funds.
$XRP is the native currency of Ripple and is used for the transfer of value across the network.
$XRP is primarily used for payments and borderless currency exchange.
$XRP is the native currency of Ripple and is used for the transfer of value across the network.
$XRP is primarily used for payments and borderless currency exchange.
10. #Ripple is more centralized than most chains, drawing criticism from the crypto world.
However, it is fast, low cost, energy efficient and global.
Additionally, Ripple is focus on the institutions, who arenβt as concerned about centralization.
However, it is fast, low cost, energy efficient and global.
Additionally, Ripple is focus on the institutions, who arenβt as concerned about centralization.
11. RippleNet provides a range of cross-border payment solutions for businesses and financial institutions.
12. #Ripple utilizes a distributed ledger database known as $XRP ledger (XRPL) that stores info of network users and matches exchanges among currency pairs.
A group of validators maintain the ledgers, reaching consensus in 3-5 seconds versus BTCβs 10 min.
A group of validators maintain the ledgers, reaching consensus in 3-5 seconds versus BTCβs 10 min.
13. There are no miners mining for rewards, validators verify transactions for no monetary reward.
To become a validator, users must become a trusted validator. There are only around 35 $XRP validators, 6 run by #Ripple.
To become a validator, users must become a trusted validator. There are only around 35 $XRP validators, 6 run by #Ripple.
14. #Ripple uses a consensus algorithm known as the Ripple Protocol Consensus Algorithm (RPCA).
Unlike PoW, RPCA is designed to be energy efficient, low cost and fast. This comes at the cost of some centralization.
Unlike PoW, RPCA is designed to be energy efficient, low cost and fast. This comes at the cost of some centralization.
15. $XRP is not mined, the entire supply was created when Ripple launched in 2012. Periodically, Ripple release tokens that are stored in escrow.
The maximum supply is 100B.
The maximum supply is 100B.
16. $XRP is a great liquidity tool. Using #Ripple, users are connected to a global payments network across multiple countries.
XRP enables users source liquidity on demand in real time without having to pay transaction fees.
XRP enables users source liquidity on demand in real time without having to pay transaction fees.
17. $XRP serves as a bridge between fiat currencies. Banks, payment providers and other institutes can easily expand to new markets, reduce exchange costs, process settlements quickly and increase the payment volume.
XRP has had a successful track record in making this happen.
XRP has had a successful track record in making this happen.
18. $XRP fully settles transactions in approx 4 seconds. XRP can handle 1500+ TPS. This is significantly more than ETH and BTC.
It is highly scalable, which is key for mass adoption. Additionally, XRP has now been around for 10 years, during which is proved its tech.
It is highly scalable, which is key for mass adoption. Additionally, XRP has now been around for 10 years, during which is proved its tech.
19. These features are game changers for the traditional financial industry and provide massive benefits for users.
#Ripple also has a big sustainability focus and has pledged to be net carbon 0 by 2030.
#Ripple also has a big sustainability focus and has pledged to be net carbon 0 by 2030.
20. #Ripple is very interesting. Ripple is leveraging blockchain tech to create a global fast, cheap, energy efficient payments system.
It is focused on the institutes instead of the users themselves. This institution focus is a key differentiator.
It is focused on the institutes instead of the users themselves. This institution focus is a key differentiator.
21. More and more institutions are adopting crypto and blockchain tech. Although #Ripple is more centralized, it primarily caters to institutions, who donβt care as much about decentralization.
22. Additionally, #Ripple has been around for a long time, around 10 years, in this time it has proved that its tech works and has acquired many big groups as partners and users.
23. With hundreds of users across 45+ countries, #Ripple is well positioned to become a leader in institute based global payments.
Ripple has had trouble with the SEC, but that could be ending soon, it could mean big things for Ripple & $XRP.
Ripple has had trouble with the SEC, but that could be ending soon, it could mean big things for Ripple & $XRP.
24. Accs to follow for $XRP insights:
@kevindixon @TheDustyBC @Ripple @arrington @Ripple_XRP1 @robxrp1 @MackAttackXRP @XRP_OWL @XrpMr @RuleXRP @stedas @HaraldoXRP @WillyWonkaXRP @realXRPwhale @XRP_Airdrops @KingRippleXRP @XRP_stuart @boy_xrp @UniverseTwenty
RT would mean a lot!
@kevindixon @TheDustyBC @Ripple @arrington @Ripple_XRP1 @robxrp1 @MackAttackXRP @XRP_OWL @XrpMr @RuleXRP @stedas @HaraldoXRP @WillyWonkaXRP @realXRPwhale @XRP_Airdrops @KingRippleXRP @XRP_stuart @boy_xrp @UniverseTwenty
RT would mean a lot!
25. Accs to follow for $XRP insights:
@BlackberryXRP @RipplePandaXRP @skipper_xrp @XRPMichaelB @CryptoBull2020 @jungleincxrp @xrpchiz @XRP_Shark @XRPArmyNews1 @Curtis_XRP @xrp334 @Bitforcoinz @XRPstreetTEAM @barrymcalpin @makotonohonto @MEGAMANXRP
RT would mean a lot!
@BlackberryXRP @RipplePandaXRP @skipper_xrp @XRPMichaelB @CryptoBull2020 @jungleincxrp @xrpchiz @XRP_Shark @XRPArmyNews1 @Curtis_XRP @xrp334 @Bitforcoinz @XRPstreetTEAM @barrymcalpin @makotonohonto @MEGAMANXRP
RT would mean a lot!
26. Hope this was insightful, a retweet would mean a lot!
More $XRP insights coming your way, follow to keep up.
Here are some of my past threads:
notion.so
More $XRP insights coming your way, follow to keep up.
Here are some of my past threads:
notion.so
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