Popular cryptocurrency Bitcoin took the entire world by storm in 2017 as its price soared drastically turning early investors into crypto-millionaires. However, towards the end of last year, Bitcoin shed some of the gains suggesting the dramatic surge may not sustain any longer in 2018. Notably, a new star in the cryptocurrency world by the name of Ripple is all set to rule the roost. The ripple that is the name for both a digital currency (XRP) and an open payment network recorded a yearly rise of more than 36,000 percent in 2017 doubling in price in the last week of December. It is the most any cryptocurrency registered in a single week in 2017. A unit of this cryptocurrency costs $2.20 on online exchanges. It may appear too minimal against Bitcoin’s gigantic valuation of around $15,000 per coin at present, Ripple has increased from $0.006 twelve months ago.
Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system that’s still in beta. Released in 2012, Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based on a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges, and remittance in a distributed process.
The company website says Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.