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Ripple enables users and gateways to keep track of all IOUs in a given currency. Since no central authority decides who can run a node and confirm transactions, the Ripple platform is described as decentralized. Individual nodes on the network will reach a consensus on which transaction was made first, and confirmations are instant. If a Ripple user tries to send the same $100 to multiple gateway systems, only the first transaction will go through. The consensus seeks to increase the system’s integrity by prohibiting double-spending. Instead, to verify account balances and transactions on the system, transactions rely on a consensus mechanism. The Ripple network doesn’t operate on a proof-of-work (PoW) or proof-of-stake (PoS) mechanism like Bitcoin or other blockchain. Ripple employs a consensus mechanism using a collection of servers owned by banks to confirm transactions rather than mining on a blockchain.

With its cryptocurrency, XRP, Ripple is a blockchain-based digital payment network and protocol. Global financial institutions, companies, governments, and developers may move, manage, and tokenize money with the help of Ripple’s blockchain technology, opening up more global economic opportunities. The company announced in 2013 that banks were interested in implementing its payment system. To enable financial institutions to transfer money with minimal wait times and fees, the business has developed its cryptocurrency, XRP. OpenCoin, a system created by Fugger, would eventually become Ripple. Their goal was to use a global network to offer secure payment choices to members of an online community. Ryan Fugger, a financial service that had made its debut in 2005, approached them. Jed McCaleb came up with the idea for Ripple, which Arthur Britto and David Schwartz created.
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With no chargebacks, Ripple claims to offer “secure, fast, and almost free worldwide financial transactions of any size.” Background of Ripple It is based on a distributed open-source protocol. The 2012-released Ripple platform enables tokens representing fiat currency, cryptocurrencies, commodities, or other value types like frequent flier miles or mobile minutes. Ripple is a network for real-time gross settlement, currency exchange, and remittances developed by the US-based technology company Ripple Labs Inc. How can I find more information about Ripple?.Can I convert Ripple coins to other currencies?.How is Ripple different from other blockchain projects?.

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