RippleNet or Ripple blockchain as many call it, is very popular and used by various countries such as Australia. The transactions of ripples are less costly therefore cheap for users, they are also ascertained in seconds, and in addition to these, they also utilize less energy. These features contribute to its popularity because other blockchains such as Bitcoins are very expensive, utilize a lot of energy, and even take longer transactions. Therefore, for these special features, some banks in Australia and Japan are in the process of utilizing them.
Briefly about RippleNet
RippleNet was first developed by Jed McCaleb then created by Arthur Britto and David Shwartz. However, the cryptocurrency was released for the first time in 2012 by Chris Larsen and Jed McCaleb and stands for payment settlement and remittance system, but it took until 2018 until a stable version of RippleNet was live. It is used in banks and has a digitalized virtual currency called the symbol XRP. The token can also be used by apps such as Binance and Crpto.Org.
RippleNet helps businesses to easily run a high-performance global payments business.CryptoLists.com
It is a type of blockchain technology that operates as a cryptocurrency and a special payment system that uses networks for transacting finances. It works by using a mechanism that can be termed "unanimity" through people who bank to substantiate transactions. RippleNet is unique in that it allows the transfer of money in any configuration and even cryptocurrency such as Bitcoin. It wields an outstanding currency called the XRP, which is way cheaper than most other cryptocurrencies that's been around for a while.
Utility of RippleNet?
Bank owners use it to ascertain transactions and account balances. Examples of banks that uses this is the Commonwealth Bank and Japanese Bank. They use it because it is more secure and faster; in addition, the actions are far cheaper than other chains.
By using RippleNet, one can validate transactions within four seconds and therefore prefer to be used. Also, the XRP is cheaper and therefore facilitates easier transactions costs.
Release Date: May 15, 2018
Advantages at RippleNet+ It has made it easier for banks to transfer money cheaply.
+ Its cryptocurrency is also linked with the banks themselves.
+ RippleNet uses less energy and is way more energy efficient than BTC.
Disadvantages- The company is focusing mainly on and targeting the banks.
- Nodes needed to run the network are not distributed.
- Stiff competition from other strong chain technology like Solana.
Costs▪ Rated at 9/10
The transactions and transfer costs are very cheap hence highly preferred. They use less energy, and their costs are very low that is 0.00001 XRP for bringing about payments across boundaries. The cheaper RippleNet transaction costs cannot be compared with banks with high transaction fees, especially internationally.
Another advantage of having cheaper costs is that its cryptocurrency is growing rapidly and is classified as one of the value chain companies in the world. The costs are also confirmed in four seconds and saved on times and delays in transactions.
Reputation and Buzz▪ Reputation rated at 8/10
▪ Buzz rated at 9/10
The reputation of Ripple's blockchain technology is very good, not least since it is ranked as the third most valuable virtual digital company. The XRP ripple currency is now number eight in the market, attracting investments such that investors consider it effective in terms of costs and saving time. Most online websites accept this, and it is good and valuable too.›› Trade Ripple here›› Buy/Sell Ripple here
Screenshots from RippleNet
Native crypto coin for this blockchain? Learn more about Ripple (XRP)XRP is the native coin for RippleNet. It is therefore also worth reading more about that on the link below.
›› Read our full Ripple review here