Now is the right time to buy Ripple despite the market fluctuations. The idea behind Ripple dates way back, even before the introduction of Bitcoin, not as a crypto asset but as a secured payment means. It was developed by Ryan Fugger, a Canadian programmer, between 2004 and 2005. It was formally RipplePay: a payment platform that provides users with a safer payment alternative. But unlike other online payment systems, RipplePay works through a global network system.
It took six years before a blockchain-based financial system could be recognized as a crypto asset, thus why traders now buy Ripple as one of their online assets. After the recognition, the company transformed into a crypto fintech company we know today as Ripple.
Buy Ripple, Understand the System
Ripple Ledger comes with both a public blockchain and an open-source, which was first created in early 2011 by three developers: David Schwartz, Jed McCaleb, and Arthur Britto. Today, Ripple Ledger works as the base on which the decentralized version of XRP operates. It was built to solve the problems encountered during cross-border payment and remittance in a conventional banking system.
The Ripple Transaction Protocol (RTXP) is quite different from Ripple assets as we know it. It was formally introduced into the market in 2012 and has performed exceptionally well. The formation of Ripple as a company came as a result of a rebranding concept. From the original name, OpenCoin, it was renamed Ripple Labs sometime in 2013. In 2015, the company once again was renamed Ripple. Although Ripple (as a company) and Ripple coin are very much related, they operate as two different entities (on paper). Today, Ripple still works as a global fintech company but is very much into a cryptocurrency payment system that runs on a 100% decentralized system.
Ripple and Their Many Products
If you are the type that buys Ripple for investment purposes, we don’t expect your view on Ripple to be the same as a developer or a crypto analyst. Unlike Ethereum and Bitcoin, which sometimes disrupts finance, Ripple was designed to pay more attention to improving the already established traditional banking. To do this, it unifies a network of independently operational banks and other payment gateways using a standard protocol to send cheaper fast payments anywhere in the world. It is important to mention that Ripple was co-founder by McCaleb, the current chief tech officer of Stellar, who wanted to fight the conventional banking system. Ripple had to be developed to counter stellar.
Ripple later introduced three other finance products, which also did very well in the open market. These products include xRapid, a payment application interface called xVia, and a settlement system: xCurrent. These services are still very beneficial to those that sell or buy Ripple. But in 2019, xVia and xCurrent were merged and rebranded to RippleNet, while xRapid was renamed “On-Demand Liquidity.” xRapid is used to fasten the exchange and fiat money transfers no matter the currency or country. Ripple can now provide what is now called the Real-time Gross Settlement System (RTGS).
If you are the type that usually buys Ripple, there is a regular protocol for transferring data on the internet you must follow; RippleNet. It was introduced on a transfer method called the Ripple Transaction Protocol (RTXP). The RTXP provides a transfer channel for all other network participants to follow, thus decreasing hurdles encountered during transactions. The RTXP can connect to the Ripple Coin Ledger via WebSocket APIs or HTTPS. RTXP can also use the library in different programming languages, e.g., JavaScript, Java, Python, etc.
Those who buy Ripple on any of the popular exchanges also have to understand that while you can connect to the Ripple ledger, only a few validators confirm transactions. They are usually popular banks and financial houses. The point is that this network can handle over 1,500 transactions each second, charging a fee of $0.0007: that’s faster than Ether which completes about ten transactions every second.
