The Ripple coin was founded by Chris Larsen and Jed McCaleb it was released in 2012 and operated by Ripple Labs (formerly OpenCoin). The coin for the cryptocurrency is premined and labeled XRP. It is the base currency of the Ripple network. It is versatile within the Ripple system and can be circulated throughout the Ripple network without cross-gateway restrictions.
Its total number is 100 billion, which will gradually decrease as the number of transactions increases. It is an old virtual currency issued by Ripple Labs. The first version was released as early as 2004, five years before Bitcoin.
This article mainly introduces you to what is Ripple worth and how does Ripple work.
If you are familiar with Bitcoin, it may take a few minutes to learn about this new coin, otherwise, be ready for a wild ride.
What is Ripple worth？
The two most prominent data of Ripple.
- The first transaction on April 18, 2014, the original price was RMB0.0000007, and the highest price in 2017 was RMB20.8. The issuer is RippleLabs.
Chris Larsen holds 22 billion pieces, and by the end of 2017, when the price of Ripple broke through $3, the founder was worth more than Facebook's Zuckerberg.
- On January 1, 2018, the trading price of Ripple surged nearly 56%, a record high, and the market value surpassed Ethereum in one fell swoop, becoming the second largest cryptocurrency.
How does Ripple work?
In the Ripple system, Ripple is a bridge currency. It is used as an intermediate product for exchange between various organizations and currencies. The first step is to change to your currency to Ripple coins to transfer or withdraw funds across the network.
After the change is completed, the Ripple currency can be freely transferred between any other player in the network, this is useful to prevent spam request attacks and ensure a safer operation of the system.
What is the difference between Bitcoin and Ripple?
- The total amount is different
Ripple is declining in total, belonging to a consumption-shaped cryptocurrency, which is depleted in every transaction; the total amount of Bitcoin is increasing up to a maximum limit.
- Different ways of obtaining
Ripple is obtained by being either given away for free to community users or by WCG mining, usually through the payment of internal employees in the form of wages;
Bitcoin is not a specific issuer. It is settled by network nodes and can be distributed around the world. It needs to be acquired through complex specific operations, commonly known as mining.
- Different operating modes
Ripple consists of a series of transaction records arranged in chronological order according to the consensus mechanism and verification mechanism.
Bitcoin is a decentralized ledger with each node connected to each other to form a dense P2P network model.
Through the above introduction of what is Ripple worth, as well as the main mode of operation, and then embed its comparison with Bitcoin. You will definitely learn more, I hope you enjoy reading and continue to pay attention to more exciting content.