There are some differences in the world of cryptocurrencies between one and the other. This also happens with the Blockchain. For example, Bitcoin was born with the purpose to enable financial transactions without the need to go to a third party such as a bank. On the other hand, Ripple literally sells its services to banks and financial institutions. Thus, the purposes of XRP and Bitcoin could not be further apart. Bitcoin was created with the hope of creating an entirely new financial system. Ripple, when you create your token for digital support in the transfer of assets, seeks to help the financial systems existing and to enhance its capabilities for global transactions.
A little more about Ripple
Developed by the technology company with headquarters in the united States Ripple Blockchain Labs Inc. in 2012, Ripple Blockchain is a system of real time gross settlement (RTGS), currency exchange, and network remittances. The most distinctive feature of Ripple Blockchain is in their schemes of construction. This system is mounted on a distributed protocol open source. That is to say, it supports tokens representing fiat currency, cryptocurrencies, commodities, and other units of value, such as frequent flyer miles, and minutes of mobile. In addition, this system is designed to allow transactions in the financial world secure, instant and nearly free of any size, without transaction costs. Therefore, XRP acts as both a criptomoneda as a payment network for digital financial transactions. The Blockchain Ripple is quite useful for financial actors, and institutional, such as banks. Source: BTCManager.
How does Ripple Blockchain?
Ripple Blockchain uses a book more common that is managed by a network of servers independent validation that compares constantly the records of the transactions. Instead of using the concept of mining chain blocks, the network, Ripple uses a unique mechanism of consensus distributed across a network of servers to validate the transaction. By conducting a survey, the servers or nodes of the network decide by consensus on the validity and the authenticity of the transaction. That is to say, it works on a database public shared which incorporates a consensus process for decision making and the validation of the servers to ensure the integrity. In this way, the servers can belong to anyone, from banks to individual users. The infrastructure of Ripple is designed so that transactions are faster and more comfortable for the banks, so that is an option criptomoneda most popular for the largest financial institutions.
The system of Blockchain Ripple, RippleNet, offers companies and financial institutions a series of programs that help the cross-border payments. Among them are xCurrent, xRapid and xVia. First, xCurrent is a payment processing system for banks. For its part, xRapid allows financial institutions to minimize the cost of liquidity while using XRP as a bridge between one fiat currency and another. Finally, xVia enables companies to send payments through RippleNet. So, Ripple is a technology platform with for-profit and also a criptomoneda (XRP), developed by Ripple Labs. Its goal is to ensure transactions fast and without obstacles, so that your Blockchain is designed to facilitate the achievement of this goal.