Ripple is a cryptocurrency, operating on an open source network and a decentralized platform. The term Ripple also refers to the network behind the cryptocurrency. Today Ripple is one of the digital coins with the highest market cap.
Ripple has its network and elements that make it up. The digital currency (XRP), the stock exchange and a payment network.
Two other founding elements of the cryptocurrency in question are:
- Ripple Consensus is the algorithm that guides all the transitions that take place in the network
- Ripple Consensus Ledger is the register where the latter are stored and archived. Those who join the Ripple network ensure that they can transfer money in different currencies.
We must also mention the encryption of transactions, a factor that distinguishes Ripple's monetary network. It is also important to reduce brokerage costs, the same that people are forced to pay to banks during the withdrawal and transfer of money from one bank account to another.
What are the IOU credits?
IOU credits (word for I owe you). These credits, within the Ripple network, are nothing more than currencies (dollar, euro, yen etc.).
During transactions, IOU credits undergo the process of conversion into real money in Ripple gateways. However, the only currency allowed in the network is the XRP, the digital asset of the Ripple cryptocurrency, which is the unit of measurement underlying the exchange of credits called IOUs. The transitions that take place in the network have significant advantages, which can be summarized in three decisive aspects: security (use of cryptography), immediacy, maximum distribution.
What is xRapid?
xRapid is a payment service created by Ripple for banks and other financial institutions globally. By adopting x Rapid technology, banks have the ability to conduct a term transoceanic payments instantly (in real time).
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