Ripple, or so-labeled XRP, is a crypto and digital payment for financial transactions technology. It is an open-source and peer-to-peer network that allows crypto and fiat transfer. One of the initial purposes of the ecosystem is to enable safe, instant, and free financial transactions of any size with no chargebacks.
XRP does not utilize the public ledger mining concept but a consensus mechanism instead in order to validate transactions.
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| Ripple Aims to Become the Amazon of the Cryptocurrency World: eAskme |
Other people are at: How is Bitcoin Changing eCommerce?
A consensus mechanism is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems.
It is useful in record-keeping, among other things.
The reason why the mechanism is applied is because it enables quick and easy verification and authentication of the transaction with any central authority involved.
Before dwelling on the primary matter, it would be great to discover how Amazon works in the first place.
The internal processes; in-house operations; customer service, and other various details will never be revealed as it’s simply the company’s data.
Thus, it is still to be exposed in what exact way Ripple intends to become the Amazon.
About Ripple’s Ambition
One of the motives for the desire for transformation is Ripple’s search of use cases for XRP for which strategy shift is a must.
The business’s focus was developing a blockchain-based transnational payment platform, but banks and other financial institutions did not fully approve it as it had been planned.
And companies such as MoneyGram, using XRP as a system and cryptocurrency, receive incentives from Ripple for doing so.
Bradley Garlinghouse, the CEO of Ripple Labs, is being optimistic about making their blockchain platform equally worthy as the highly-rated cryptocurrency.
He pointed out that as Amazon was to books, two years from now, Ripple is to payments.
Ripple wants to provide a blockchain platform for broader use cases similar to Amazon’s e-commerce platform, which is available for a wide range of e-commerce.
Therefore Ripple is trying to build software for developers to create their applications to run on its blockchain.
The online payment network is currently exploring and creating new use cases for its blockchain system as it wants to grow beyond cross-border transactions simplification in partnership with national and international banks.
Besides government agencies, the enterprise is allying with private firms such as MoneyGram; IBIS Management Associates Inc.
Ripple Lab is additionally developing the Ripple Check for more transparency and worldwide cyber payment system speed boost.
While the crypto industry is being excited to see what Ripple has to bring to the table any time soon, the conversion or transaction of 10 xrp to eth is still possible on Godex.
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