Ripple is an ultra-fast and inexpensive system for international remittances and payments, which were previously very inefficient.
RippleNet, provided by Ripple, simplifies international remittances between banks, enabling them to be sent in seconds. RippleNet is said to be able to reduce fees by 60%.
RippleNet provides a standard called the Interledger Protocol (ILP), which enables the free transfer of assets not only between banks, but also between all types of currencies and payments, including virtual currencies, cards, and mobile payments.
The unit of currency used in the Ripple system is the XRP.
XRP is the unit of currency used in Ripple's system, and the maximum amount that can be issued is 100 billion XRP.
The maximum amount of XRP that can be issued is 100 billion. ?Transfer speed: 4 seconds (10 minutes to 1 hour for bitcoin), cost: $0.0004 ($28.23 for bitcoin), 1,500 transactions per second (32 transactions per second for bitcoin).
XRP is not necessary if you just want to send money internationally via Ripple, but sending money via XRP is more secure and less expensive.
The transaction is authenticated by a trustworthy company and the processing capacity is high and stable.
There is no counterparty risk when sending money internationally. In the case of international remittance via Ripple, since XRP leisure is a distributed ledger, no specific entity can change the system. Therefore, even if Ripple ceases to exist, the XRP leisure will continue to function and international remittances can be made without problems.
If ILP is realized, there will be no need to go through banks for settlement, which is said to have a great impact on the banking industry itself.
The ILP is available on BINANCE and other domestic exchanges.
Official website : https://ripple.com/currency/
Twitter : https://twitter.com/Ripple
Github : https://github.com/ripple
