Ripple Coin (XRP)

It is worth mentioning that Ripple is not only a currency but also used as a trading platform. The Ripple platform, which is used outside of cryptocurrency, is an open source protocol designed to carry out transactions quickly and cheaply.
The Ripple community, which does not want to be treated as a simple payment instrument like Bitcoin, is developing its systems with the aim of managing international transfer transactions. The community is quite ambitious, but who knows the outcome? Maybe all cryptocurrency exchanges will disappear in a few years, as the mainstream media claims…
The platform has its own currency (XRP), but the real magic is in the RippleNet platform. Users can create their own platforms via RippleNet and trade as they wish.
What is XRP?
XRP is a token used to represent value transfers over the Ripple Network. The main purpose of XRP is to act as an intermediary between cryptocurrencies and traditional currencies (fiat). The term "Joker" is most used when describing XRP. We probably don't need to remind you that the Joker emphasized here is a playing card, not Batman's arch-enemy. If you wish, let's say it this way: If you want to convert your dollars into euros, the XRP token will act as a Joker between the dollar and the euro to minimize the commission. As we mentioned before, the cost of transacting with Ripple is 0.00001 USD.
As a surprising fact, it is also worth noting that after each transaction made, the amount of $ 0.00001 collected by the platform “disappears” and cannot be replaced. Thus, with every transaction, the world becomes $0.00001 poorer. This system is designed to prevent spammers.

What is Ripple Protocol Consensus Algorithm (RPCA)?
Unlike Bitcoin or Ethereum, Ripple does not include a blockchain. A cryptocurrency that is not built on blockchain will of course seem quite strange to those who hear it for the first time. “How are transactions verified if there is no blockchain? How do you make sure everything is okay?” questions may come to mind. Unlike blockchain systems, Ripple has its own patented technology: Ripple Protocol Consensus Algorithm (RPCA).
The word "consensus" in the name of the system means that if every "node" on the network agrees with the others, there is no problem in the transaction. Let's put it this way; Imagine there is a large arena with hundreds of old and experienced people. They all need to agree to make an important decision. If all the elders in the arena agree, they can start or end a war. Taxes imposed in the country may increase, and orders may be given to start Olympic games and similar events. If even one member of the community does not accept the suggestion, no action is taken until the problem is found out.
What is Ripple used for?
1.Low-fee asset exchange: There are many currencies in the world that cannot be directly converted into each other. That's why banks use the US dollar as a mediator. So today there are two types of commissions: converting currency A to US dollars and then converting US dollars to currency B… Ripple is also an intermediary, but much, much cheaper than US dollars.

2.Fast international transactions: An average transaction on Ripple takes 4 seconds. For Bitcoin, this time can be an hour or more. In traditional banking systems, it even takes a few days.

3.Payment ecosystem: Users can basically issue their own currencies to offer fast and cheap transactions. For example, collectors can develop their own currency to purchase action figures.
What are the advantages of Ripple?
1.Ripple was initially designed as a daily payment system and its infrastructure was created to be stronger than Bitcoin. As a result, transactions occur much faster and cheaper.

2.Ripple was launched as an official organization. Because its main goal was to be preferred by banks. Therefore, the regulatory compliance issue that is a concern with many other cryptocurrencies does not apply to Ripple.

3.Ripple has the ability to be exchanged for any currency or precious metal such as gold, for a symbolic commission fee.

Which banks support Ripple?
.Santander
.Axis Bank
.Yes Bank
.Westpac
.Union Credit
.NBAD
.UBS