Co-founded by Jed McCaleb (CTO) and Chris Larsen (CEO) of OpenCoin, Ripple is a digital currency that helps in confirming transactions in between two parties without any intervention of third party. Talking about the founders, Jed McCaleb has an extensive experience in digital currency and presently manages most of the bitcoin trades of the world. In the year 2011, he sold bitcoin exchange to Mark Karpeles. Post that, he founded OpenCoin and hold the post of Chief Technical Officer (CTO) in the company.
Jed McCaleb Chris Larsen
Previously, Chris Larsen co-founded the E-LOAN (financial company online). When talking about the core team of Ripple, other developers too have Bitcoin background. The growing network of Ripple includes 12 out of 50 banks globally. Ten banks deals in commercial phases and above 30 are pilot banks that are using Ripple.
Miners who want to use Ripple can make use of the gateways. WeExchange and BitStamp are two gateways that offer ability of depositing different cryptocurrencies in the Ripple account. At present, there are plenty of merchants that are accepting Ripple as payment.
When a miner uses exchange, there is a fixed amount of transaction fee (~.00001XRP) that is charged and should be paid in XRP only. At the inception of Ripple, around 100 Billion XRP were invented. Currently, XRP is only issued around 40%. However, Ripple is planning to distribute XRPs in business deals and to liquidity providers that offer payment spreads, and to buyers interested in XRP mining.
Ripple is a cryptocurrency that allows financial transactions of different currencies in the easiest way. Be it a crypto to crypto, fiat to fiat currency transfer or mix of both, Ripple helps in transferring the amount quickly. In place of exchanging this cryptocurrency with goods and services or traditional currency, people are using this currency in converting a currency into other. Miners do not have to rely on central exchange for conversion. The distributed financial technology of Ripple allow banks to easily send payments globally on various networks. Through this impeccable blockchain technology, banks can easily meet the low-cost and faster global payment services of any size. Therefore, banks need to attain this network in order to grow revenue through services and products.
Ripple also minimized the staff costs through effective mechanism made for making international payments successfully. The digital currency allows two parties to make transactions of any currency globally for free. Ripple charges some fees when it converts any something different than XRP. Businesses that has deposits in the form of currencies, such as Euros and U.S Dollars can trade through Ripple in seconds.