Review on XRP by Pedro O. Alvino M.
A lower cost payment system
Ripple with a considerable trajectory even beyond that of bitcoin was taken into account to create a system in which people were not subject to the barriers and limits of the traditional banking system and all its tools such as credit cards, debit cards, Banking operations and Paypal-type purses, which have a lot of requirements limiting their access and charge high fees per transaction.
Due to its consensus system, payment settlement is almost immediate and with lower transaction costs, in addition to not needing mining according to the fact that the XRP is already issued in its entirety.
If operation consists of a distributed consensus Ledger that through the network is responsible for validating transactions as well as encrypting operations within the network
Pros
- Great track record in the crypto market
- Fast and lower cost transactions
- Open Source Digital Asset
- Available on most existing exchanges
- The XRP serves as a protection measure against network spam.
- The Ledger XRP system does not require mining and the consensus process does not require multiple immutability confirmations
- Able to settle a payment in just three and a half seconds
- The Ledger XRP allows users to name their transactions with any currency they prefer, including fiat currencies, digital currencies and other forms of value, in addition to XRP
- The XRP ledger records in itself database, transaction log, balance and offers to negotiate assets
- The Ledger XRP allows multiple conflicting transactions to be in an agreed group
Cons
- XRP can be destroyed by transaction costs since XRP is slightly deflationary by nature
- The relationship with the bank is seen with doubts by many users, since they doubt their decentralization and independence as currency.
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Comments (2)
January 17, 2020
but that is a problem many are retained to use for deferring from a centralized system in addition to the fact that its price does not fluctuate constantly, it is considered as a payment system with lower cost and greater liquidity
January 17, 2020
Xrp is a good investment and promises in the long term. To be in line with technological developments, the blockchain is essential for the traditional banking system.
