Ripple and Its Functionality

Can someone please explain to me how Ripple works? How is it different from other cryptocurrencies like Bitcoin or Ethereum? Is it a blockchain-based currency, and what makes it unique?
ron 8 on September 16 2023 at 03:37 PM in Other question
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3 Answer(s)
Ripple operates on a different principle compared to most other cryptocurrencies like Bitcoin or Ethereum. It's not based on a traditional blockchain; instead, it uses a technology called the Ripple Payment Protocol (RPP). The Ripple Payment Protocol is a distributed ledger technology that facilitates real-time, cross-border transactions. Unlike traditional cryptocurrencies, Ripple focuses on enabling fast and cost-effective money transfers for banks and financial institutions. It acts as a bridge currency, allowing different fiat currencies to be converted and transferred seamlessly. You can find a detailed definition of the Ripple Payment Protocol here https://marketbusinessnews.com/financial-glossary/ripple-payment-protocol-definition/ . Ripple's uniqueness lies in its goal of making international money transfers more efficient and affordable. It aims to replace the outdated correspondent banking system, which can be slow and costly. Many banks and payment providers are indeed adopting Ripple to improve their cross-border transaction processes.
lina232 on September 16 2023 at 04:04 PM

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on September 24 2023 at 04:49 AM
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I'd like to add that Ripple also offers digital asset called XRP, which is used to facilitate transactions on the Ripple network. XRP serves as a bridge currency, making it easier for financial institutions to settle cross-border payments quickly and with minimal fees. Furthermore, Ripple's consensus algorithm, known as the XRP Ledger Consensus Protocol (XRP LCP), is a key component that ensures the security and reliability of transactions on the network.
reiv on September 16 2023 at 04:07 PM
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ifuture1 on September 24 2023 at 04:44 AM
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