Hassan Maishera
Nikolas Sargeant
Review
Learn more about XRP.
XRP Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of XRP.
Ripple Labs, Inc. is the maker and developer of Ripple Payment Protocol. XRP is their token. Ripple Labs launched in 2015. It has headquarters in the hotbed of cryptocurrency (San Francisco and Silicon Valley).
Main differences of XRP when compared to other cryptocurrencies come in its peer-to-peer based system that backs transactions. It is much quicker than numerous other cryptocurrencies, with average transactions taking no more than two to three seconds. Many other transactions within the crypto world have been observed to take fifteen minutes to an hour.
XRP intends to be superior to any other blockchain and wants to have the most advanced blockchain technology. Also, the value of it comes in (i) access to multiple networks, (ii) demand speed, (iii) transparency of transactions, and (iv) low cost.
This cryptocurrency has an impressive number of backers, including but not limited to Santander Bank, Standard Chartered Bank, UBS and American Express.
Price of XRP
This cryptocurrency was immensely successful during 2017. In December 2017 during XRP’s ATH, it was worth almost USD 150 billion. Ripple’s co-founder, Chris Larsen, was during a brief period of time one of the richest people in the world due to this price surge.
Mining?
There are no miners in this specific network. All ot the XRP tokens were created upon launch and amount to roughly 100 billion XRP. 20 billion of these wree kept by the creators of Ripple. This is a very high allocation to the arrangor’s group as it is normally called in ICOs.
Consensus Algorithm
This cryptocurrency also uses a “novel consensus algorithm” to validate transactions. They recommend clients to use a list of known participants to validate any transactions made. This is very different from Bitcoin, for instance, where anybody who wants to can become a miner and validate transactions.
Concluding Thoughts
This cryptocurrency’s future success, and what presumably ultimately decides whether the price of XRP will go up or not, depends upon if the company will get bacnks to use the XRP-token as their “bridge currency”. If they won’t, XRP’s future success is very difficult to envision.
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