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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.
It 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. This means that they aimed to eliminate the restrictions, high rates and delays in the processes established by the institutions.
Ripple was released back in 2012, and unlike other cryptocurrencies or digital currency platforms, it has alliances with big and recognized companies. Companies that use or sponsor this platform include UBS, Santander, and Bank of America.
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.
Ripple offers its users multiple benefits, some of the most appealing is that transactions can be done faster and it 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 like most of the banks and credit cards do. It simply debits 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.