Ripple was the undisputed star of the cryptocurrency market in 2017, given that it had an ROI of 30,000% for the year. In fact, the cryptocurrency surged over 1,000% in December 2017 alone.
Released in 2012 as a real-time gross settlement system (RTGS), Ripple was the first cryptocurrency that had a function apart from being a means of exchange or payment. Similar to Ethereum, Ripple is the name of the cryptocurrency platform, while the transactional protocol is known as XRP, just as Ether is to Ethereum.
What sets Ripple apart from other digital currencies like Bitcoin and Litecoin is that its transfer fees are significantly lower. In addition, transfers are almost instantaneous, given that it does not need the usual confirmation time that other cryptocurrencies do.
Ripple facilitates the transfer of all types of currency, whether fiat or digital. In fact, this platform can be used for almost any type of exchange, even frequent flier miles!
It has gained huge popularity among traders because its backed by some of the biggest names in the financial industry, such as American Express, UBS, Santander, RBC and Westpac.
Despite the backing of such large banks, XRP continues to be a decentralised token, using independent validating servers and the typical consensus mechanism for transactions.
Ripple is expected to continue to see further acceptance from financial institutions and grow. It has successfully processed over 35 million transactions from the time it was released. It has also proven that it can handle 1,500 transactions per second (tps) and is scalable to handle up to 50,000 tps, as compared to Bitcoin’s 3-6tps and Ethereum’s 15tps.
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