The first thing we know is that the portal and the platform and the currency. The Wavelengplatform is an open-source protocol designed to allow faster and cheap transactions.
Unlike a Bitcoin that is never meant to be a simple payment machine, the portal will rule all international transactions worldwide. Pretty ambitious, but who knows? Maybe an exchange of currency will disappear in a few years like those stores.
What is RippleNet?
RippleNet is a network of institutional payment providers, such as banks and financial services, which use the solutions developed by Ripple to provide an overly lighter experience to send money worldwide.
Let’s give an example: first, Mr. Jones lives in New York and has a box of chocolates he doesn’t need. He is very interested in watching a baseball game, but there is no ticket. Second, Miss Smith lives in Los Angeles and has a rare stamp that she would like to give away for the chocolate box. Finally, we have Mr. Brown, who lives in Alaska, and is looking for a very many rare pizza, and he tickets to a baseball game in New York.
In our current system, they may not have found each other and will not be with their ‘ precious ‘ precious things.
But in the Woolby world, they can say: “Hey, I have chocolate, I want baseball.”
What is XRP
XRP is the token used to represent the transfer of values through the Ripple Network. The primary purpose of XRP is to be an intermediary for the other-both cryptocurrencies and Fiat-stock exchanges.
The best way to describe XRP is “Joker.” Not a creepy Batman enemy, but a card that could be any other card. If you want to exchange dollars for Euro, it can be a dollar with euros and euros to reduce the Commission. As outlined above, the transaction cost on Ripple is $0.00001.
Something special: After the club’s total $0.00001 ‘ loss ‘ from the platform couldn’t be be replenished. Even so, in every ad it becomes a poorer $0.00001. It is intended to prevent spammers.
What is the Ripple Protocol consensus algorithm?
Unlike Bitcoin or Ethereum, Ripple has no blockchain. A cryptocurrency without Blockchain can seem strange – if it doesn’t have a Blockchain, how does it check transactions and make sure everything’s okay? To this end, Ripple has a patented technology: the Ripple Protocol Consensus Algorithm (RSPCA).
The word “unanimity” means that if each node is in agreement with everyone else, there is no problem. Imagine that there is an ancient arena with 100 wise old men and the city needs an agreement on all of them to make a decision. If everyone agrees, you can start the war, stop the war, raise taxes, declare the Olympics and all sorts of interesting stuff. But if one of them is not – nothing happens until we find out what is his problem.
Ripple used for?
Payment of an ecosystem. The user can issue their currency for fast and cheap trading. For example, one can create money to buy and see a Vintage beat or activity figures between the collections.
Fast international trade. The average transaction time is 4 seconds. Compare it to an hour or more for Bitcoin and a few days for a conventional banking system.
Low Currency Exchange Commission. There are many currencies which cannot be directly converted to each other. Thus, banks must use the US dollar as an intermediary. Therefore, there is a double commission: currency conversion and in US dollars and dollars in currency B. Corrugation is a mediator too, but much cheaper than USD.
What are Ripple’s benefits?
Ripple is conceived initially as a daily payment system, so it is much more electricity safe than Bitcoin. As a result, transactions are much faster and cheaper.
Divisiveness has begun as an official institution, as its main focus is to be used by banks. It is therefore not subject to multiple regulatory checks like many other cryptocurrencies.
The Portal has the ability to be replaced by any currency or worthy (like Gold) with a single minimum commission.