What Is Ripple

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What is Ripple

• Ripple is a real-time gross settlement system
  (RTGS), currency exchange and remittance network.
• Ripple focuses on providing cross-border payment
  solutions.
• Its main goal is to eliminate the need for older
  systems like Western Union or SWIFT.

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How It Is Different From Bitcoin?

• Ripple is not a blockchain.
• it is consensus oriented.
• Ripples token is not mined like Bitcoin,
  Ethereum and many other cryptocurrencies. 
• Bitcoin can handle 3-6 tps while Ripple is able
  to handle 1500 transactions per second.

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What Is XRP

• XRP is Ripples token.
•  Ripple can settle a payment in 3.5 seconds
  through XRP.
• The use of XRP is totally independent of the
  Ripple network in general.

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RippleNet

• It is a network of payment-providers such as
  banks and money services businesses that use
  solutions developed by Ripple to provide a smooth
  experience to send money all over the world.
• Ripple uses gateways.
• A gateway is essentially a digital portal that
  governments, companies, and financial
  institutions use to join the network. This
  mechanism is called RippleNet.

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Ripple Products

• xCurrent  It enables real-time messaging between
  banks so that payment details can be confirmed.
• xVia  It allows users to track payments and
  generate invoices for their transactions. xVia is
  a payment interface designed to make it easier to
  use xCurrent and xRapid.
• xRapid xRapid is the only product that uses
  XRP. xRapid has been tested by Western Union and
  MoneyGram.

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Banks Supporting Ripple

• Santander
• Axis Bank
• Yes Bank
• Westpac
• Union Credit
• NBAD
• UBS
• Akbank
• BBVA
• MUFG

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Benefits

• Transactions are cheaper and quicker than
  Bitcoin.
• Its main focus is to be used by banks.
• Ripple has the ability to be exchanged to any
  currency.

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