Cryptofacts#6 — What is Ripple (XRP)?
Tags: Ripple, Blockchain, Bitcoin, Altcoins, Cryptocurrency

Dear Gobaba community,

We continue introducing you the altcoins listed on Gobaba. In this post of our series, we will be sharing the basics and unknown facts of Ripple (XRP), which currently holds the 3rd place in terms of market cap in the cryptocurrency ecosystem, and known with its international payment system and decentralization debates.

Previous Cryptofacts posts:

You can see the up-to-date list of available altcoins listed on Gobaba here-> https://medium.com/gobabaexchange/announcing-new-altcoin-listings-and-gobaba-trading-module-c0fda44a1547

XRP MARKET DATA (as of writing this post)

(https://coinmarketcap.com/currencies/ripple)

Current Price: €0,391486 EUR (~ ₺2.17 TRY )

Global Market Cap: €15.391.556.389 EUR (~ ₺86.074.546.496 TRY)

Global Market Cap(last 24 hrs): €155.783.762 EUR (~ ₺871.193.029 TRY)

All-time High(ATH): €3,27 (~ ₺18.40 TRY)

Circulating Supply: 39,315,683,476 XRP

Total Supply: 100,000,000,000 XRP

What is Ripple (XRP)?

As maybe the most well-known cryptocurrency after Ripple as its current market cap position reflects, Ripple is originally released in 2012 as a subsequent iteration of Ripplepay, is a real-time gross settlement system (RTGS), and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn’t rely on the energy and computing intensive proof-of-work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks. Thanks to these, Ripple is now making this cumbersome process as simple and low cost as international money transfers have increased.

Ripple Facts

The official name of this cryptocurrency isn’t Ripple but XRP.

Ripple (XRP) is the “cryptocurrency token” native to “the Ripple Network.” It’s the cryptocurrency that trades on the market under the symbol XRP (and its what most people mean when they say “Ripple”). To avoid confusion, one can call the native cryptocurrency token of Ripple by its proper name, XRP.

The Ripple network (also called “RippleNet”), aka the Ripple Payment protocol, is an open source, peer-to-peer, real-time payment system (like Bitcoin’s blockchain or Ethereum’s network) that can be used to transfer both fiat currencies and the Ripple cryptocurrency XRP. A few different “products” exist on this network, each of which has a different function. Ripple is also a company which develops and maintains the Ripple protocol.

XRP cryptocurrency tokens can’t be mined

Unlike many known digital currencies, XRP is a cryptocurrency that cannot be mined and led by a company that is entirely a blockchain-based book called ledger. However, for the time being, the portion of the total supply in circulation is 40%. The XPR currency was designed to include about a hundred billion tokens. Most of them are not in circulation yet. Ripple labs own about 60 billion at the time of writing this post. Of those, they directly own 6.25 billion, and they keep fifty-five billion in escrow accounts for future use. In the future, over the next few years, they will make one billion XRP tokens available each month so the currency’s supply will grow dramatically in coming years.

XRP token is used only in one out of the three different products that Ripple offers

Ripple firmasının ana ürünü olan ve xCurrent olarak adlandırılan ürünün XRP kripto para birimi ile hiçbir ilgisi bulunmamaktrdır. xCurrent’ın arkasındaki fikir, kullandıkları para birimi (kripto olsun olmasın), bankaların birbirleriyle güvenilir bir şekilde işlem yapabilmelerini sağlamaktır. Finans sektöründeki en büyük isimlerden ikisi bu ürünü zaten kullanmaktadır. (dünyanın en iyi bankaları olarak anılan American Express ve Santander).

xRapid, Ripple’ın XRP tokenını xCurrent sistemi üzerinden gerçekleştiren ürünün adıdır. Bu ürün yeni pazarların açılması ve işlemlerin daha hızlı yapılması da dahil olmak üzere birkaç önemli avantaj sağlamaktadır.

RippleNet is so much faster than Ethereum and Bitcoin network in terms of transaction completion

Bitcoin is reliable but slow. In the past, there have been several times that the time needed to complete a single bitcoin transaction took hours even days. Ethereum is faster, but it still takes time, about a couple of minutes, to complete a transaction.

Moreover, Ripple is instantaneous. When talking about the transaction times, Ripple doesn’t take minutes or hours but seconds. That will give you a huge advantage when you need your money transferred quickly. This speed also means the cryptocurrency can manage a much higher volume than any other, just because it’s quick.

Ripple closely work with global financial giants and banks

Since it’s quick, cheap, reliable and simply works, global financial giants such as American Express, Santander, and MoneyGram are already trying Ripple technology. In Turkey, Akbank is the one who is also trying Ripple technology.

Its price went up by 35.500% in 2017

Ripple has become the most increased coin of 2017 by going up by 35.500%. As a reference, Bitcoin went up by 1318% and became the 14th most increased cryptocurrency last year.

How to Buy XRP on Gobaba?

You can buy XRP within minutes using Gobaba. While buying XRP, you have 2 options. You can buy XRP from direct “Buy/Sell” section of Gobaba using your Fiat currency wallets. Find below the guide on how to buy XRP using your Euro wallet:

As a second option, you can give orders on the Gobaba trading module for the price that you wish to buy XRP for and once your buy order corresponds to any sell order, your order will be completed and you will receive your XRP coins in your Gobaba XRP wallet.

Join Our Community

We’re always listening to you. For your feedbacks feel free to let us know on Gobaba Community. See you in the next Cryptofacts post. Stay tuned for news & updates and join us to start trading safely and securely!