Ripple. Why Is It Promising and How It Differs from Others

Today the world of digital currencies is not only about Bitcoin. Indeed, world`s first cryptocurrency still remains the most popular and significantly dominates on the market. However, among more than 1500 other virtual coins there are some rather interesting and attractive alternatives. One of these would certainly be Ripple.

Though Ripple was launched in 2012, the project itself is actually older than Bitcoin. Yet in 2004 Ryan Fugger developed an initial protocol of a decentralized network for global exchange and money transfers. The aim was to provide easy and fast transactions. Today it’s four seconds comparing to minutes with Ethereum, hours with Bitcoin and days with many traditional systems. On Ripple’s official website it is mentioned that “in a world where three billion people are connected online, cars drive themselves and appliances can communicate, global payments are still stuck in the disco era”. The reason for that lies in the infrastructure of global payments that was created before the Internet and hasn’t changed a lot since then.

So what’s Ripple’s solution? It’s as much as connecting banks, payment services, digital asset exchanges and other financial institutions to provide quick and secure opportunity to send money worldwide. Ripple is actually a global agent that enables people to store and send any kind of currency or just any kind of value that at least a group of people demand. In Bitcoin Magazine Vitalik Buterin writes that Ripple`s initial idea was based on a chain of trust where all debts are between people who have an established trust relationship and so trust each other to pay back as needed. By using such a chain of trust, money can change hands even between people who do not know each other at all.

Today Ripple is a universal payment system that allows making transactions with any currency. Project`s cryptocurrency called XRP is an “agent-currency” in the network. Today it’s world’s third digital coin by market capitalization, and, unlike its “colleges”, it costs less than a dollar. XRP do not require mining, all 100 billion coins were issued when the project was launched. They are gradually becoming available by means of smart contracts.

Who stands behind the project? There are Jed McCaleb, founder of MtGox exchange, bitcoin-developer Stefan Thomas, and Chris Larsen – Ripple`s CEO. Nearly a half of all XRP transactions are made in South Korea, where the coin is actively traded on Coinone and Bithumb exchanges.

Ripple cooperates with banks and financial institutions that are interested in its fast transactions and low fees. The project is trying to seamlessly democratize and advance the whole system of international payments. This is a universal platform for currency exchange and global transactions, and traditional financial sector is ready to cooperate with it.

So, Ripple has accomplished a lot and is fairly promising. It’s definitely not just another cryptocurrency, but probably a very efficient solution for those who want to enjoy all crypto-advantages – security, anonymity, smart contracts, etc. – but don’t want to deal with Bitcoin volatility and uncertain legal nature.

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SAP and ATB Will Incorporate Ripple Into Their Cross-Border Payment Systems

sab and atb will use ripple

The representative of a major German software company SAP has spoken about the upcoming upgrades. Falk Rieker is sure that best expansion policy is collaborating with other institutions and picking up some of their strategic decisions.

That is why the company followed the example of their long-term partner, a Canadian bank ATB, and decided to research the potential of the Ripple cross-border payment technology.

Overall, it took 2 companies 10 days to prepare for the upgrade, and after that the first trial transaction between Canada and Germany was conducted. The transaction was successful and took less than a minute.

And this is not just, you know, a benefit of cost and time, this is first of all the benefit regarding customer experience.said Falk Rieker.

We remind you:

Ripple Technology Will Soon Be Implemented in the Biggest Bank of Saudi Arabia

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Cryptocurrency Prices for the 19th of September: Bitcoin and Ethereum Are Recovering, Ripple Skyrockets

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices today

According to the online platform Coin360,  Bitcоin (BTC) added 1.31% over the past 24 hours. The price at the time of writing is $6375 per coin.

Cryptocurrencies are also recovering:

Bitcoin Cash increased by 4.54% over the past day and costs $436 per coin;

Ripple rose by 20.38% and is now at a price of $0.33;

EOS added 5.27%, and its price is $5.13;

Litecoin grew by 4.05%, and its value is $54;

Cardano gained whopping 15.24% and costs $0.073;

Stellar rose by 6.96% and is worth $0.21;

IOTA lost 0.14%, and its value is $0.53;

Dash increased by 0.30%, and its price is $188;

Monero grew by 5.12% and is worth $192.

In the past 24 hours Ethereum added 6.67%. The cost of the coin is $212.

The total market capitalization is $200 billion. Bitcoin accounts for 55.1% of the total volume. It is $110 billion in monetary terms.

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Akon: Nobody Knows What Cryptocurrency Is, But It Doesn’t Mean You Should Not Invest Into It

akon talks crypto

The famous American rapper Akon, the author of such hits as Smack That and Right Now, seems to be very interested in cryptocurrencies. First, he announced the launch of his own digital coin – Akoin – which is supposed to be the currency of a crypto city in Africa.

While the details of his ambitious plan have not yet been revealed, Akon keeps researching the possibilities of the crypto world. Recently he gave an interview where he discussed the financial situation in Africa and his vision on cryptocurrency.

When the interviewer said he did not quite what cryptocurrency was in the first place, Akon’s response was simple – “Nobody does.” The rapper actually finds digital assets very similar to regular company shares.

You know they’re going to yield an investment. You go there with your money because you know, these guys, in the next four, five or ten years, their projection said they are going to make triple what they are making now.” – he mentioned.

In the end, Akon said he would keep studying the subject and would do everything in his power to improve the difficult situation in Africa.

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Elon Musk Turned to the Creator of Dogecoin for Help in the Fight Against Twitter Scammers

musk needs help with crypto spammers

The CEO of Tesla Motors, entrepreneur and engineer Elon Musk published a message in his Twitter meant for the creator of the cryptocurrency Dogecoin Jackson Palmer with the request to invent a way to deal with crypto scammers on the social network.

A few minutes later, Musk received a response with an invitation to use a script that would resolve the issue with the scammers. Judging by the message of Dogecoin’s creator, Elon Musk used it.

https://twitter.com/ummjackson/status/1041577055970893824

We remind you that Elon Musk had to deal with Twitter fraudsters not once and not twice. Bots with offers to receive different cryptocurrencies for free were attacking Musk so much that he even started writing brilliant responses to them. Later, the social network management even began to block accounts containing the name of Elon Musk.

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McAfee Birthday Collection: Top-5 Eccentric Statements, Promises, Innovations and Scandals

john mcafee birthday compilation

The editorial board of The Coin Shark wishes happy birthday to the most unconventional crypto personality John McAfee and hopes he will thrive and please the crypto community for many more years.

For this occasion we decided to compile the loudest things that McAfee has said or done this year.

1. There is no doubt that the wildest promise of John McAfee remains his infamous claim about the price of Bitcoin in 2020. The interesting part is, of course, related to the physical tortures that McAfee is ready to face if his predictions turn out to be wrong.

2. Another loud claim of McAfee was his firm intention to run for presidency during the next election. Given the low levels of popularity that the current US President is coping with, we believe that anything might happen at this point. Politics aside, no doubt that the crypto world will be thrilled to have such a president.  

3. We could not leave out the epic with McAfee’s crypto wallet Bitfi. Was it really hacked? Was McAfee planning to give such a pricy award? We don’t know. However, what we do know is that the story brought a whole lot of attention to the wallet, so maybe it was an ultimate goal in the first place.

4. The CoinMarketCap should beware, because John McAfee is on its toes. His own site with market capitalization and cryptocurrency exchange rates is already functioning.

5. Last, but certainly not least comes the McAfee crypto challenge. Brilliant minds with innovative crypto solutions can join his team to improve and develop the crypto world together.

Anyway, even if John McAfee does not eat any parts of his body or loses the run for presidency, he will always remain one of the brightest stars of the crypto universe. Happy birthday, John!

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Bitcoin and Ethereum Price Analysis Today on the 18th of September: Cryptocurrencies Collapsed Again

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coin360, Bitcоin (BTC) lost 3.07% in the past 24 hours. The price at the time of writing is $6286 per coin.


Source: https://coin360.io/

In the past 24 hours Bitcoin reached the highest mark for the day at $6452, later it fell drastically to $6338 and then fell to $6257 per coin. At the time of writing BTC added about $30.


Source: https://coinmarketcap.com/

In this time interval, we can observe a downtrend.

The remaining cryptocurrencies fell into the deep red zone:

Bitcoin Cash lost 7.23% over the past day and costs $414 per coin;

Ripple dropped by 2.50% and is worth $0.27;

EOS fell by 9.17%, and its price is $4.86;

Litecoin lost 7.79% and its value is $51;

Cardano fell by 7.69% and is worth $0.063;

Stellar decreased by 3.51% and costs $0.19;

IOTA lost 6.01%, and its value is $0.53;

Dash lost 6.58%, and its price is $182;

Monero became cheaper by 7.89% and is worth $107.

Ethereum reached the highest mark of $221 in the past 24 hours. A few hours later, ETH dropped to $195. At the time of writing, the price of the coin is $197.


Source: https://coinmarketcap.com/

The total market capitalization dropped to $192 billion. Bitcoin accounts for 56.3% of the total volume. In monetary terms, this is $108 billion.

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