I am sure the cryptocurrency trend has motivated you to discover potential tokens, right? And if you are here, it means you are eager to know what is ripple?

The very first thing to understand about ripple is that it is both a currency and a platform. Not only that, but the platform that ripple provides is open-source which is developed to perform cheap and fast transactions.

Although Bitcoin remains the king of cryptocurrencies, considering market capitalization, Ripple (XRP) continues to take its place on the list of top digital currencies in terms of market cap.

When it comes to famous digital currencies like Ripple and Bitcoin, Koinal shines. This is because at Koinal, not only will you get the best prices on virtual currencies but great customer service as well.

Are you eager to know more about ripple? Then let us get started!

Understanding Ripple

Ripple is a technology that was first released in 2012 by Jed McCaleb and Chris Larsen. The purpose of this technology was to act as both a digital payment network and as a cryptocurrency.

Despite its intended purpose, ripple is more famous for its digital payment. Ripple functions on a peer-to-peer and open-source decentralized framework that enables seamless and efficient money transfer and transaction in any form.

Whether it is USD, Bitcoin, Litecoin, or Yen, ripple has got you covered.

The infrastructure of ripple is constructed in such a way that it allows faster transactions for banks and a viable option for big financial institutions.

Although ripple is used to refer to XRP, which is a cryptocurrency, it is a company. What makes ripple unique is its platform called RippleNet that allows users to create their virtual currency.

RippleNet

You must be wondering what is RippleNet, right? RippleNet is an institutional-payment network of service providers like money services businesses and banks that utilize ripple solutions to enable frictionless and seamless experience to transfer money globally.

More importantly, the blockchain system of Ripple – RippleNet provides financial institutions and businesses cross-border payments. These methods consist of xRapid, xCurrent, and xVia.

The primary purpose of RippleNet is to connect digital asset exchanges, payment providers, and banks, allowing cost-efficient and faster global payments.

Moreover, this platform enables users to make payments in literally any currency, including Ethereum, Bitcoin, or Litecoin and have a transaction commission of $0.00001.

That’s low!

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What is Ripple Cryptocurrency?

The cryptocurrency of Ripple, XRP is the digital asset that has the potential to settle a payment in under 4 seconds while taking care of 1,500 transactions per second.

Pretty sweet I would say!

However, the fact that XRP as a digital asset has limited use cases, remains true. Ripple plans to phase out their cryptocurrency very soon.

Despite its limited use cases, XRP acts as a bridge between other currencies. It doesn’t differentiate between fiat currencies, which makes it easy in currency exchange.

What’s impressive is that cryptocurrency XRP is not dependent on the ripple network protocol, i.e., financial institutions don’t require XRP to transfer euros, dollars, or Bitcoins.

The ripple benefits are endless and if you want to make the most out of it, then head straight to Koinal.io, which is the best cryptocurrency platform

XRP vs Bitcoin

Bitcoin functions on a decentralized public blockchain ledger that facilitates payments for services and goods. The network – Bitcoin, is primarily famous for its currency – bitcoin or BTC.

The network of bitcoin follows the blockchain concept where miners verify every transaction and add them to the bitcoin blockchain network.

XRP, however, is a technology that is best known for digital payment protocol and network. Apart from the cryptocurrency XRP, ripple is famously known as a remittance system, asset exchange, and payment settler.

Thus, if you are looking for a great payment settler, Ripple is a perfect choice. To get the most out of ripple, Koinal provides the best services.

So, what are you waiting for? Don’t waste time and go to Koinal to get the best XRP rates!

Final Verdict

For every new cryptocurrency enthusiast, the question “what is ripple?” holds great importance. Ripple is not only great as a cryptocurrency, but it is also great as an overall platform.

With all that aside, it is time for you to take a leap and exploit what ripple has to offer. For that, Koinal is the best platform you can ask for.

So, what are you waiting for? Heads straight to Koinal and start earning!