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Ripple is the name of a digital currency also known as XRP and is also an open payment network within which that currency is transferred.
This is a distributed and open-source payment system that, according to its official website, its objective is to allow people to free themselves from the barriers that exist in the common financial networks. With this statement, they refer to eliminate the restrictions and the very high rates and delays in all the processes established by the institutions.
Ripple was released back in the year 2012 and unlike other cryptocurrencies or digital currency platforms, this one has alliances with big and recognized companies. Among the companies that use or sponsor this platform, we can mention UBS, Santander, and Bank of America.
Muchos usuarios han llegado a comparar a Ripple con la cryptocurrency más famosa del mundo, Bitcoin. Esto se debe a que Ripple, al igual que Bitcoin, es una forma digital de moneda basada en fórmulas matemáticas y tiene un número limitado de unidades que en última instancia, pueden ser minadas por cualquier persona.
Many users have compared Ripple with the world’s most famous cryptocurrency, Bitcoin. This is because Ripple, like Bitcoin, is a digital form of currency based on mathematical formulas and has a limited number of units that can ultimately be mined by anyone.
Among the multiple benefits that Ripple offers we can mention that the transactions can be done faster and has increased its stability. As a distributed network, Ripple does not depend on a single company to manage and secure the database of its transactions.
For this reason, you do not have to wait for block confirmations and transaction confirmations as they can quickly pass through the network.
Another advantage that this virtual currency offers is that it does not charge transaction fees as most of the banks and credit cards do. However, they debit a very small portion of a Ripple from each transaction. That amount is destroyed instead of retained.
The only objective of this is to safeguard the system and prevent it from being filled with scammers who might try to falsify information in the thousands of transactions that are made daily.