Ripple – a cryptocurrency and a fully functional exchange service
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Innovation is the main success factor when it comes to cryptocurrencies. Dozens of electronic currencies appear every month, but only few of them manage to survive for longer than a year.
Ripple was launched in 2013, however it was available much earlier under a different name – OpenCoin. But after reconsidering the concept of this new cryptocurrency its authors decided to give it a new name. Ripple is a very symbolic name, by the way. The word “ripple” means “choppy water” making us think about a decentralized e-payment system which is being spread around the world just as rings (or ripples) in the water.
How does it work?- 购买 ripple
Stefan Thomas, one of leading developers of Ripple, claims that their purpose was to grant freedom to everyone. They mean freedom from banks and global financial institutions like PayPal and others which control people’s financial activity and impose high commissions of adding, withdrawing and sending funds.
There should be no confusion between Bitcoin and Ripple since the latter operates on the basis of totally different principle – the “trust principle”. This trust principle can be explained with the following example:
Let’s imagine there are two friends – John and Peter. John wants to give $50 to Peter and the easiest way to do it is to meet personally. But John lives in New York while Peter has recently moved to Barcelona. So what does John do?
John finds a trader we knows well and trusts who works on the Spanish market and asks him to give $50 to Peter. The trader agrees and finds his partner in Barcelona – Mike. Now Mike is supposed to meet Peter and to give him the money.
John doesn’t know Mike but he trusts the trader. In his turn the trader knows Mike well and trusts him. So that is how $50 is finally given to Peter. Peter gets the money and feels happy!