A global and international financial system that includes its own cryptocurrency and medium of exchange.
Ripple (XRP) is a global and international financial system that was launched in 2012. Information material from community cryptodefix. It is very popular with banks because it offers instant transfer payments with minimal commissions anywhere in the world. Platform A decentralized platform has been developed to conduct foreign exchange transactions with different currencies.
As a result of the mine, new bitcoins are being created and this process will continue until the total number of BTC worldwide reaches 21 million. With XRP, the situation is very different: all $ 100 billion was generated (or, as it is otherwise called, spent) on starting the network. No further releases are possible, which means that neither Ripple nor anyone else will be able to create new XRPs in the future.
Cryptocurrency Ripple is a shared database. There is a general ledger that records all accounts and balances. The principle of operation of cryptocurrencies is based on the establishment of agreements between certain parties in the transaction. Everything is done with mutual trust, which means you can make transfers very quickly and without large commissions.
The Ripple protocol relies on a sending process for sending and receiving money. The benefit of using distributed, non-centralized networks is explained by the fact that there is no need to charge a commission network operator. Distributed torrents are more reliable because they have no focal point of failure and are also more secure because they are built on a single source code.
Advantages of XRP:
- All transactions are handled by transactions encrypted with XRP or hard currency. Internal accounting is used for transactions in digital currency and the amount of debt is determined for fiat currency.
- The speed of money transfer increases. Transferring to a traditional bank requires many steps to review and validate the transaction. Implementation may take several days. The XRP transaction takes 4 seconds.
- Translation costs are reduced. Banks and their customers can pay the transfer fee to cover costs by simplifying the process (by tokenizing assets).
- The status of the monitoring system becomes simple. Ripple technical solutions help determine the current state of work.
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