Review on XRP by Sharron Robertson

Name: XRP
Item: XRP
Rating: 4

June 16, 2019

Ripple ( XRP ) Project Review

XRP is the cryptocurrency used for all transactions completed in the RippleNet system. This cryptocurrency was designed to reduce the costs and time associated with making worldwide transactions. 
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It takes a matter of four seconds for the RippleNet system to complete a transaction. When you compare that with the two minutes it takes to transfer Ethereum, the 60 minutes it takes to send Bitcoin and the five-day wait it can take to send currency through traditional banking systems, it’s clear to see why Ripple is all the rage online.
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The Ripple concept was founded upon the creation of a distributed ledger network requiring various parties to validate transactions, as opposed to a centralised authority or bank. 
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RippleNet is the name of the payment network used to connect banks and other large institutions, giving them the tools to transfer money and digital assets through the decentralised XRP ledger. It is a network that has been warmly received by banks and payment providers that like the idea of frictionless transactional experiences.
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Unlike Bitcoin, XRP was never created to be used to pay for goods and services. What’s more, the RippleNet system was not designed to pose a threat to the Bitcoin ecosystem. 
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Instead, RippleNet is considered a 21st century competitor to legacy banking systems such as SWIFT. What’s exciting about RippleNet is that it can process 1,500 transactions per second with ease. It’s even got the potential to scale up to VISA-level proportions of 50,000 transactions per second.
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Pros

Instantaneous currency exchange minimises cross-border transaction fees.
Real-time transactions can be made cheaper and safer than any other system.
Ripple XRP is the glue that holds RippleNet together – without XRP, the system is nothing, so it’s a safe bet to invest in.

Cons