A pretty controversial cryptocurrency is Ripple or xrp. So xrp is the token that ripple labs created, and it hovers in the top 10 cryptocurrencies by market capitalization. Its principal goal is to make sending money as easy as emailing. Now xrp is not a traditional type of currency, and it was for transferring other currencies over the ripple network.
What is Ripple?
So, what is Ripple, and what is Ripple net? So basically, ripple net was created by ripple labs to send money over the network as quickly as information could be sent and created in 2012. Transaction across the international bank took too long, like three to five business days, with some foreign currency conversions fees through a network of intermediary banks leading to a sharp fall in worth. So, this is the exact situation that Ripple wants to solve.
Ripple net Decentralization
Ripple Net wants to decentralize this system of transactions through a consensus protocol, including nodes and validators, which process and validate transactions. Validators are computers spread worldwide that keep track of who owns what. Ripple has a list of trusted validators they use for ripple net transactions.
Benefits of buying xrp?
There are certainly a few benefits that they are trying to achieve transactions to settle internationally and do up to 1500 transactions per second, far too much than Ethereum and Bitcoin. Since xrp is not being mined, there are no environmental concerns, and they already have many financial institutions that have already adopted ripple net. Customers include American Express, and you can buy xrp with credit card by validating your email address, details, and easy signup.
Factors under consideration
The consideration to make is that if you think the price of Ripple right now is very low because of the sec lawsuit and one of the strongest use cases in all because of so many financial institutions that already use the project itself to invest in that cryptocurrency because basically if you think everything is at all-time highs and it is going to come crashing down pretty quickly is the reason to invest.