Where Ripple is Accepted Locally and Globally
XRP is an embattled, yet popular and highly functional centralized cryptocurrency that is, in a word, globalist. It was designed from its inception to provide rapid, ultra-low fee payment settlement solutions to financial institutions. Over 1000 businesses — shipping services, hosting companies, and European resort villas among them — accept it.
Why accepts Ripple?
Should you buy Ripple?
Maybe if you really like risk. In 2020 It’s been the target of an SEC investigation and has been de-listed by many exchanges. One of the founders of Ripple is apparently dumping a lot of the crypto.
If it can extricate itself relatively unscathed from its current legal woes there may be opportunity in its volatility. Apparently, banks really like it and utilize some of its technology, the World Economic Forum (the “you’ll own nothing and be happy” guys) named it Crypto Asset Most Relevant in Central Bank Digital Currency Space. If it gets through its current troubles you might wildly profit from the legacy financial system jumping on the cryptocurrency bandwagon.
About Ripple
While several consensus algorithms exist for the Byzantine Generals Problem, specifically as it pertains to distributed payment systems, many suffer from high latency induced by the requirement that all nodes within the network communicate synchronously. In this work, we present a novel consensus algorithm that circumvents this requirement by utilizing collectively-trusted subnetworks within the larger network. We show that the “trust” required of these subnetworks is in fact minimal and can be further reduced with principled choice of the member nodes. In addition, we show that minimal connectivity is required to maintain agreement throughout the whole network. The result is a low-latency consensus algorithm which still maintains robustness in the face of Byzantine failures. We present this algorithm in its embodiment in the Ripple Protocol.
Abstract of the Ripple whitepaper
Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.
from Wikipedia
