Ripple. What can we say about this controversial cryptocurrency? It certainly sent “ripples” throughout the crypto community due to its legal case with the Securities and Exchange Commission (SEC) but even so, it still has plenty of loyal followers. In its most basic form, Ripple is a currency transfer network that was built for the traditional financial services industry. XRP is the native cryptocurrency of the network that users need to buy to pay fees--thus giving it a solid use case.
Ripple’s goal is to be the trusted middleman between two parties that want to execute a transaction quickly, cheaply, and easily. If this sounds familiar, it should. In the traditional finance system, the leading money transfer network that facilitates transactions is SWIFT. Ripple aims to be the blockchain equivalent of the SWIFT network and become the world’s top settlement layer solution for major financial institutions.
While the team behind Ripple often claims it operates in a decentralized manner, that is not fully the case. The Ripple Network consists of thirty-five trusted validators that users can choose to verify their transactions. However, Ripple decides which validators ultimately make the list showing that there is certainly an aspect of centralized control over the network. That being said, this management does allow the network to run more efficiently and quickly. The average XRP transaction typically takes around four to five seconds at a much lower price than Bitcoin or Ethereum.
YouHodler aggregates prices from top centralized exchanges to provide an accurate Ripple price and charts.
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