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What Is Ripple

Ripple is both a platform and a currency. Ripple focuses on providing cross-border payment solutions. Its main goal is to eliminate the need for older systems like Western Union or SWIFT.

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What Is Ripple

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  1. What is Ripple Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Ripple focuses on providing cross-border payment solutions. Its main goal is to eliminate the need for older systems like Western Union or SWIFT.

  2. How It Is Different From Bitcoin? Ripple is not a blockchain. it is consensus oriented. Ripple’s token is not mined like Bitcoin, Ethereum and many other cryptocurrencies.  Bitcoin can handle 3-6 tpswhile Ripple is able to handle 1500 transactions per second.

  3. What Is XRP • XRP is Ripple’s token. •  Ripple can settle a payment in 3.5 seconds through XRP. • The use of XRP is totally independent of the Ripple network in general.

  4. RippleNet • It is a network of payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a smooth experience to send money all over the world. • Ripple uses gateways. • A gateway is essentially a digital portal that governments, companies, and financial institutions use to join the network. This mechanism is called RippleNet.

  5. Ripple Products • xCurrent:  It enables real-time messaging between banks so that payment details can be confirmed. • xVia :  It allows users to track payments and generate invoices for their transactions. xVia is a payment interface designed to make it easier to use xCurrent and xRapid. • xRapid:xRapid is the only product that uses XRP. xRapid has been tested by Western Union and MoneyGram.

  6. Banks Supporting Ripple • Santander • Axis Bank • Yes Bank • Westpac • Union Credit • NBAD • UBS • Akbank • BBVA • MUFG

  7. Benefits • Transactions are cheaper and quicker than Bitcoin. • Its main focus is to be used by banks. • Ripple has the ability to be exchanged to any currency.

  8. To Know More About Ripple Visit https://xnews.io/

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