Advantages of XRP

1. It functions as an intermediate currency between two currencies or networks

2. XRP are generated using a less complicated method than mining

3. Allows quick conversions between a number of currencies at low cost

4. Transaction verification does not require Proof-of-work

5. Consensus system used for transaction verification improves system integrity

6. Ripple transactions are eco-friendly and energy efficient

7. XRP transactions are way faster as compared to conventional cryptocurrencies like Bitcoin

8. Allow easy exchange of one currency to another

9. While only 21 Million Bitcoin tokens can be mined, about 1 Billion XRP are released every month making them quite accessible

Specific Factors

Ripple addresses several of the shortcomings of conventional banks. On the Ripple platform, payments are processed in seconds. In contrast, banks may take several days to execute a money transfer. The payment price on Ripple is similarly low, with the lowest transaction value for a typical transaction fixed at 0.00001 XRP, in comparison to the huge costs paid by banks for performing merge transfers.

Conclusion

In this article we familiarised ourselves with the Ripple Network and cryptocurrency. We learnt how it works, what protocols it uses and what are the advantages of XRP over conventional cryptos and fiat currencies. We also reflected on its history and understood the ripple effect. Also we learnt about its security problems and specific factors.