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What is ripple?

A lot has been said about ripple if it’s a company, coins or platform on it own, but we are going to be looking into it appropriately for a better understanding and idea about it all in this blog series.

QUESTION: WHAT IS RIPPLE?

ANS: Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn't rely on the energy and computing intensive proof-of-work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks.

 

QUESTION: WHEN WAS RIPPLE INVENTED?

ANS: Ripple was originally released in 2012 as a subsequent iteration of Ripplepay

QUESTION: WHAT ARE THE DIFFERENCES BETWEEN BITCOIN AND RIPPLE?

ANS: The key difference between Bitcoin and Ripple is their initial purpose. At the beginning of cryptocurrency era, Bitcoin was intended to serve as the very first peer-to-peer cryptocurrency protocol. On the other hand, Ripple was created to be a payment system, a remittance network, and currency exchange. Ultimately, Ripple has built its network that includes its own cryptocurrency Ripple, or XRP.