The current year was expected to be very successful for the most popular cryptocurrencies – Bitcoin and Ethirium. But unexpectedly in the top three in terms of market capitalization broke Ripple (riple). And this is despite the fact that now it costs only 20 cents (against $ 7,000 for bitcoin and $ 300 for ethereum). But the increase in its value for the current year alone amounted to as much as 3000%. Due to what such a cheap currency was able to get close to the recognized leaders of the cryptocurrency market? How to get it and whether to do it right now? What awaits an unusual currency next? Let’s try to figure it out.
What is Ripple and how is it arranged?
The forerunner of the modern Ripple platform – the RipplePay system – appeared back in 2004. Canadian programmer Ryan Fugger managed to create a decentralized payment platform for a wide range of users. However, despite a good idea, the project did not receive much success, and Fugger decided to go even further – to change the existing system of bank and interbank payments. Or rather, make them decentralized, independent of intermediaries and third parties.
The updated system appeared in 2012 and was named Ripple. The company engaged in the development and maintenance of the platform, was named Ripple Labs. Fugger, together with other developers, created a secure decentralized platform for making payments between individuals and even legal entities (primarily banking institutions). In addition, the platform launched its own cryptocurrency, called ripl with the designation XRP.
The basis of the functioning of the system is a unique algorithm. Ripple uses its own secure RPCA protocol, which connects the various nodes of the system (the so-called entry points). This is an open source protocol that allows all users in the system to quickly and securely share resources (be it dollars, bitcoins, gold or even aviation miles), make payments and enter into transactions, while paying a single minimum commission with riples.
To explain the concept of Ripple often use the example of an apple and a movie ticket. For example, you live in Krasnodar and you have an apple, and you want a movie ticket. Petya has a ticket, but he lives in Toronto. There are many other people between you, each of whom also owns certain resources. Together you can unite in a single system for exchange. You “launch” an apple into the system — Vanya buys it for the ball — Petya buys the ball for a movie ticket — you get your ticket by giving up the apple. In a simplified form, this exchange network of yours is Ripple. You exchange resources with other users and do not depend on third parties.
You give one resource and get another, paying only the minimum commission that is needed to maintain the system. Similarly, you can exchange a million dollars for bitcoins and pay for it all the same minimum commission. It is not surprising that such a system immediately came to the liking of world banks – a similar algorithm allows to significantly simplify the payment procedure.
That is, in the system itself riply act as a “fuel” for carrying out transactions. To exchange their resources for others, the user pays a commission in riply. In addition, he can purchase another currency for the same riply. However, this cryptocurrency is completely different from the usual bitcoins, ethereums or lightcoins.
Ripple features as cryptocurrency
Theoretically, these flaws would have to play against the developers. Controlling the circulation of coins and manipulating the exchange rate, they cannot make their currency as popular as the same bitcoin, the price of which is determined only by the demand of users. In the case of riplem, the price is, in fact, set by the holders of fixed assets, that is, Ripple Labs. However, thanks to the coin combustion mechanism described earlier, their total number gradually decreases, which means that the price of one coin will gradually increase. Another thing is that the cost comparable to Bitcoin or even ethereum is clearly not to be said. The most positive forecasts of experts for 2018 – 2 dollars for 1 ripl.
How to buy riple?
As we have already figured out, it is impossible to mine a riple in the traditional sense of the word. That is, you cannot buy an asik or a farm and begin to mine the blocks – there are simply no such blocks.
By accessing ripplelabs.com, the official website of the company, you can join the research supported by the corporation. To do this, you need to mine scientific projects – to carry out calculations or perform other prescribed actions using computational algorithms. The company regularly pays for the work of such “miners” by ripls.
Given the popularity of ripl, you can exchange it in almost every exchanger – you can familiarize yourself with the current offers and rate on the monitoring site BestChange.com. There shouldn’t be any problems with exchanges either – all the leading players of the cryptocurrency market, including Poloniex, Kraken, Bittrex, Korbit, BitStamp, Coinone, CoinCheck, EXMO, etc., accepted the RIPL.
Where to store riple?
From the very beginning, Ripple Labs offered users to keep cryptocurrency in wallets within the system itself. But the majority of users did not like the idea – only riples could be kept on the internal wallet. And not everyone was eager to start a separate wallet for the not very popular cryptocurrency.
In addition to the main program, you will also need to purchase a special device that supports the work of the wallet on your computer. Outwardly, it resembles a regular USB flash drive and costs almost 60 euros. Not so cheap, but the level of security of your wallet increases several times, and the threat of hacking tends to zero. Such wallets are also called hardware (because in addition to the program there is hardware — the same flash drive), and their famous company Ledger produces them. Today in the line of this manufacturer there are two purses that support XRP – Nano S and Blue. In addition to riples, you can store Bitcoins, Aethyriums, Lightcoins, Zet Cache, and several other popular cryptocurrencies.
The resource supports ripl, but to activate the wallet you will have to provide a lot of personal data with a valid email address, mobile phone number, real name and date of birth, screenshots of identity documents, and even your own photo. The registration procedure is quite long and burdensome, but in the end you will receive several bonuses. So, you can be sure that only you will have access to the wallet – the probability of an account being hacked is almost impossible. In addition, after registration, you will receive 20 ripls as a promotional gift.
How to make money on riple?
The same Bitcoin was created as an alternative to regular payments, including bank payments. And the Ripple technology is aimed precisely at improving the banking system of payments in order to make it faster, efficient and secure.
The method of simple but fabulous profits in the short term does not promise, because now we are talking about scanty amounts. However, given the rapid growth of the market value of the ripl and the high level of security of the system, it is definitely worth investing in it. Conventionally, if now, when the price for 1 XRP is 20 cents, you buy cryptocurrencies for $ 100, then next year, if the rate reaches the expected $ 2, sell the currency for $ 1000. And this is 900 dollars of net profit.
Experts predict that soon Ripple will be used as the main system of interbank payments. It is more convenient, safer and faster than the same SWIFT. Therefore, it makes sense to invest money in the company’s development in order to receive legitimate dividends as an investor. Open proposals for investors are regularly posted on the official website of the company.
The main argument in favor of a successful future of ripl is the staggering growth in its market position. A year ago, the capitalization of the ripl was about $ 200 million, and the coin did not feature in the world top cryptocurrency. Today, the total value of the coins issued is estimated at almost $ 7 billion, and the Ripl takes third place after Bitcoin and Ethereum.
Already today, such banking giants as UniCredit, UBS, Santander and Western Union are using it. Among the partners, Ripple is even Microsoft, and Google has invested nearly $ 60 million in the development of the company.
By the way, it was the abundant financial influences from a world-renowned corporation that caused a sharp increase in attention to riple. If such serious people invest in a ripl, it means that this enterprise is doomed to success.