Beginner Coin Introductions
The following series of five posts will be my attempt at accurately and succinctly explaining the mechanics of the top five market cap cryptocurrencies to new cryptocurrency enthusiasts, of which there are many. My goals are to provide the highest-value relevant information in between 100-150 words. The concise nature of each analysis mainly services the short attention span of the modern reader and will be used as scaffolding for later extrapolations
Newcomer Analysis 2: Ripple
Current Market Cap: $9,822,214,340
Ripple (XRP) is both a cryptocurrency and a payment system. The network runs on a consensus network in which individual nodes pool their capabilities to verify the integrity of transactions.
Ripple acts as a medium of exchange between different currencies. Ripple does not discriminate between any currency, crypto or fiat.
The Ripple cryptocurrency XRP is the medium that bridges these currencies.
The internal mechanism of Ripple emulates that of processes used by international banks and financial firms.
Transactions are settled in seconds and with a minimal fee.
Currently, the SEC has filed a lawsuit against Ripple for being too centralized. The founders took ownership of 20% of the coins mined upon inception and 60% were have been held in escrow to be gradually released in the market in a claimed “unending ICO”.
References:
https://coinmarketcap.com/ https://www.investopedia.com/terms/r/ripple-cryptocurrency.asp https://www.investopedia.com/crypto-company-ripple-faces-sec-lawsuit-5093444
Disclaimer: I am by no means a cryptocurrency professional. I am a BS in Finance and approach my analyses through an economic and financial point of view. I do my best to integrate all current relevant information into analysis.
