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Ripple digital currency

Ripple digital currency

What is Ripple?

Ripple is a software company that also operates in the digital currency area. xrp was first released in 2012 by Chris Lawrence and Jed McCaleb. When users hear the name Ripple digital currency, xrp is the first word that comes to their mind. But we must know that Ripple is different from XRP. When you buy a digital currency like btc, you invested in the bitcoin network. But when you buy xrp, it doesn’t necessarily mean that you invested in Ripple.


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Purpose of digital currency Ripple

In the article on the advantages of Bitcoin, we explained that the purpose of Bitcoin is peer-to-peer transactions and the elimination of intermediaries such as banks. But the purpose of Ripple digital currency is completely opposite to Bitcoin and it is trying to solve the problem of international money exchange in the world by offering decentralized banking products  The problems of money transfer by banks have not been solved for a long time, and even with the passage of time and the development of technology, it takes 3 to 7 days for big money, which has heavy fees and a lot of paperwork. Ripple digital currency company plans to end these problems forever.

Products offered by Ripple digital currency company

xCurrent

It is a digital platform using a distributed ledger called Interledger, for international payments by banks and financial institutions. While this ledger was created by Ripple, it was created by the World Wide Web Consortium (a non-profit organization that develops international network standards determines the global web) is controlled. This product allows banks and financial institutions to create financial interaction by providing sufficient liquidity of all different currencies and creating a decentralized financial messenger.

There is no need to use Ripple digital currency (xrp) in Xcarnet. Many Ripple partner companies use X-Carnet, which is one of the most important features of X-Carnet.

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xRapid

Unlike Xcarnet, this product directly uses Ripple digital currency (xrp). Solving the liquidity problem in interbank transactions is the task of this product. In this way, it first converts the fiat currency into xrp and after the transfer, it converts xrp into the money required by the destination bank, and there is no need for a bank intermediary or a liquidity provider.

Suppose a motor company in Iran wants to buy raw materials from a German company. X-Rapid converts Iranian Rial to XRP and after transfer, it converts XRP to Euro. Keep in mind that the X-Rapid algorithm is designed to search and find the best price of Rial to XRP and XRP to Euro. With this product, there is no need to keep Euros in a German brokerage bank and there is no need to find a liquidity provider.

xVia

It is a user interface made for easier use of X-Carnet and X-Rapid. The ability to communicate between Ripple digital currency company products with simple methods is one of the functions of this product. This product was designed in 2018 and is still in the testing phase.

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XRP digital currency

As we explained, xrp was created by Ripple digital currency company. Very high speed in transactions and very small fees are part of the important advantages of this digital currency.

Each Ripple transaction typically takes about 4 seconds to complete, and large sums of money can be transferred for just a few dollars in fees.

This digital currency is currently ranked 7th in the digital currency market at a price of approximately 34,000 Tomans. The market value of this digital currency is approximately 56 billion dollars.

In addition, digital currency xrp is not mined. Ripple issued one hundred billion units in 2013. About 20% of the tokens went to the founders of the company, but the remaining 80% were placed in a decentralized deposit to be gradually injected into the market. Usually, one billion xrp units are injected into the currency market every month.

Read more: Free digital currency training

The best wallets of the Ripple digital currency company

Usually, if you want to get a wallet for other digital currencies, there is no need to pay, but unlike other digital currencies in Ripple, you have to pay 10 xrp units to create an account. These 10 units cannot be withdrawn or transferred.

Ripple hardware wallet

Ledger Nano S and Ledger Nano X (ledger nano x, ledger nano s)

Trezor Model T (trezor)

Mobile wallet

edge

toast wallet

Desktop wallet

atomic wallet

exodus

Suggested article: 5 of the best digital currency wallets

last word

If you intend to buy Ripple directly, Ripple is currently being bought and sold in most reputable exchanges, which you can do on domestic sites. Although today, fewer Iranian exchanges buy and sell Ripple. Before buying Ripple in online exchanges, first make sure that the exchange in question is valid.

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