Ripple: features of the new cryptocurrency
Ripple is a cryptocurrency platform for payment systems, focused on operations with currency exchange without chargebacks. The main function of Ripple is to use it as an exchange currency for cross-border transfers, when it is required to transfer one asset to another. The system has attracted the attention of major industry players. It is actively used in the banking sector, as evidenced by a huge list of financial institutions. Cryptocurrency has become a competitor for SWIFT and Western Union. Today, she is increasingly confidently strengthening her position.
There are currently no official wallets from Ripple developers to store XRP, so the user must choose a solution from third-party companies.
Unlike conventional cryptocurrencies, Ripple cannot be obtained through mining. Initially, 100 billion XRP coins were issued, each of which is divided into a million fractional parts - drop. XRP tokens are used for currency exchange, as well as for the payment of transaction fees.
Replenishment: through cryptocurrency exchanges, exchange offices, cryptocurrency wallets.
Advantages of the system:
- High network transaction speed
- Payment Security
- Ability to work with different assets
- Low fees
- Deflation of native coins, which are destroyed after payments
- Ripple Protocol makes fast lending possible
- Loans through debt instruments
- Simple connection of payment networks
- Many new features thanks to maximum compatibility