Ripple

Ripple is a popular platform and cryptocurrency that has experienced significant growth since it’s inception in 2012, offering several benefits to a lot of users.

It is a resource in an advanced form that is used for sending and receiving funds in a secured manner. Their digital currency XRP is involved in all transactions, and fully accepts both cryptocurrencies, as well as Fiat currencies.

This technology is commonly known for its unique payment protocol that is quite similar to the SWIFT system, which is utilised by international money and those security transfers peculiar to most banks across the globe.

Users on this platform can store their coins in wallet, and trade them at any time. To start storing these XRP coins in digital wallets, users can easily choose from the many wallet options available.

However, for a wallet to be active and functional, users must make deposits of 30XRP at once Unlike some cryptocurrencies, Ripple do not record transactions using the blockchain technology.

However, they make use of a “hash tree”, which processes these transactions alongside their details before approval.

Thus, there are no mining activities in Ripple, and coins are not mined. Also, the transaction are very fast, as the parties involved can finish their transaction within three minutes.

Ripple has many banks who are their partners, across the world. The RippleNet service allows a connection of bank and other payment providers; thus ensuring a convenient transaction. With a very low transaction fee, this platform saves a lot of cost.