Many countries are finding ways to impose more regulations for the functioning of the crypto market. But this does not stop new cryptocurrencies emerging often. Some of the cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and Ripple have cemented their seat in the top 5 performing crypto coins. While you have read about the stories of Bitcoin in 2018, you need to understand more about Ripple. In order to keep your Ripple currency safe, you must consider a trustworthy wallet.
Read – Top 9 Most Secure & Fast Ripple Wallets [Latest Review]
Today, we shall look into five facts about Ripple that you cannot afford to miss:
It is actually not called as Ripple cryptocurrency
Though we are familiar with the name of a cryptocurrency called Ripple, its actual network name is Ripple Labs. It was previously known as OpenCoin when it was launched in 2013. Since the word Ripple sounds nicer and catchy Ripple Labs is commonly known as just Ripple. Ripple is a digital payment processing system which uses XRP as its fueling token. The Ripple price prediction looks quite positive as per CoinSwitch are available in various crypto exchanges and depict a bright future for the XRP token.
The name of the token is not Ripple
Since the name Ripple is easier to remember people often forget to realise that the actual token name is XRP. XRP is a pre-mined token and used to enable transactions of financial instruments in the Ripple network. It is to be noted that financial institutions can use the facilities of the Ripple platform even without owning XRP. But being a part of the Ripple network will help you in faster and instant transactions.
Considered as one of the fastest networks
The leading cryptocurrency Bitcoin takes about 10 minutes for processing its transactions which is way more time consuming than many cryptos. Whereas, Ripple is considered as the fastest as it enables users to process payments in just a few seconds from one party to the other. Ripple Labs has a tie-up with many leading banks for facilitating faster transactions in its network.
Most of the XRP tokens are owned by its foundation
The total supply of Ripple coins is roughly 100 billion and only about 40 billion XRP token are currently circulating in the market. Out of the 60% remaining XRP tokens, 55% is in the escrow for a future release. The founder of XRP Ripple Labs owns about 5% of the XRP tokens. Which raises questions regarding its decentralised approach. The tokens in the escrow will release each month about 1 billion XRP tokens into the market.
Ripple Labs offers three different cryptocurrency products
XCurrent, XRapid and XVia are the three different products of Ripple. It is surprising that the XCurrent does not even use XRP token. XCurrent enables an easy transfer of money as it allows you to move money related messages from one point to the other quickly. XRapid uses XRP tokens for banking transactions. XVia is utilised by major companies to understand the movement of money from one point to another.
Consider the above interesting facts about Ripple before comparing the XRP to BTC chart for conversion. Before you trade XRP tokens, a ripple wallet is essentially required. Ripple may soon be a tough competitor for the numb er one spot in the crypto market.