|Source Code: https://github.com/ripple|
Today’s cryptocurrencies are growing with a rapid fastness, we can’t even acknowledge all of the existable cryptocurrencies on the market! We have followed Bitcoin’s development and growth that we forgot about all of the other cryptocurrencies available out there. Not just us, even the other cryptocurrencies inventors have followed the rapid jump on Bitcoin and they developed their own cryptocurrencies that could possibly parry in the future to Bitcoin. We are talking about the next potential boom, which cryptocurrency has the potential of being it? There is one emerging among them all, and her name is Ripple. Also falling in the category of payment protocol, led by the company with the same name, Ripple is a real-time gross settlement system, currency exchange and remittance network. It is also known by various other names, such as Ripple Protocol or Ripple Transaction Protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP or ripples. This cryptocurrency has been released in 2012 and ever since then, it has noted a high positive process of upgrading its value to higher levels.
Many companies and banks all around the world have acknowledged Ripple and they are already using it as a payment method or a transaction protocol. It is used by many banks such as UniBank, Santander and UBS, and it has been adopted with an increasingly rapid stake from banks and payment networks around the world. The most interesting fact about this cryptocurrency is that on January 6th, 2018 the market capitalization was of XPR (ripples) was 123 million USD, making it the second largest cryptocurrency by market cap.
History of Ripple
We said that the Ripple was released in 2012 but its root date back in 2004 when a guy known as Ryan Fugger has released a payment protocol known as Ripplepay in Vancouver, British Columbia. Fugger came upon this idea after working on a local exchange trading system in Vancouver, and his central idea that has led to this move was creating a decentralized monetary system and it could allow individuals like us to effectively create our own money. This has led to the conception of a new system, which was developed by 2 other sides known as eDonkey network and Jed McCaleb. The development of this system has begun in 2011 with 2 other individuals joining in the project: Arthur Britto and David Schwartz- the builders of this system.
In 2014, Ripple goals were set to the banking market. These goals had a 3-year span and they lasted till 2017. They created an iOS application for iPhone users that allowed these users to access their money any time of the day. Ripple also allows cross-borders payments for retail customers, corporations and other banks, and Larsen had also had one quote that lasts until today: “Ripple simplifies the [exchange] process by creating point-to-point and transparent transfers in which banks do not have to pay corresponding bank fees.” In February 2015, their hard work pays off. Fidor Bank announces that they will use Ripple protocol for one solemn goal: to implement a new real-time international money transfer network.
Ever since then, Ripple’s path hasn’t been thorny much. The design and concept were quite clear as to the users, also to the manufacturers and they truly did complete their goal: inventing a one-in-a-time protocol system that will allow people and individuals to create and manage their own money. All of the Ripple users will tell you that this goal was accomplished and that they couldn’t be happier with their products!