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Ripple Singapore Takes the First Leap

By Nitesh Bualang
In Ripple
Feb 2nd, 2014

The Ripple’s concept was introduced, way back in 2005, by Ryan Fugger and has grown all the way to Ripple Singapore today. The new currency provided a secure means of payment option on a global scale for the members of the online community. It was only later that experts gathered around to discuss its impact by turning the payment means into a Bitcoin like exchanging peer-to-peer network. The network as of September 2013 became a fully open source creating sensational effects on the minds of the people, boggling mine too!

No Charge-Back on Ripple:

Disintegrating the Ripple, I found it to be built upon an open source, distributed protocol, native currency and consensus ledger known as Ripples. The Ripple network still retains its characteristics of payment system that enables transaction globally for whichever size and best of all- no charge back! Ripple though a cryptocurrency, doesn’t hold the values of just that. It is seen to be something beyond the grasp of simply being labelled as cryptocurrency.

Ripple Singapore:

A most surprising news flash hit the screens with the currency stepping into the physical world with Ripple Singapore. According to Cox, the imbalance caused due to the lack of internet protocol to aid exchanging values will come to a halt with the Ripple technology and Ripple Singapore seems to be a good start. The service that was launched on 29th January, 2014 utilizes the network to convert, store and process the precious metals into currency value for around the world clients. The entry and exit points of this Ripple Singapore are called the ‘gateway’ and it is no surprise that it’s the first major gateway and better yet, the first of its kind to offer trading in precious metal.

Bullion Wallet:

Bullion that’s vaulted in Singapore controls the user’s balance that is maintained in the Ripple wallet. What I like about the Ripple Singapore is its facility to pay just about anyone with any currency on the network. You can also use the bullion itself if necessary or when the need arises. The vault storage doesn’t cost a cent whereas a small fee of 0.2% is being imposed for transaction.

The Ripple Singapore has taken a big step towards bridging the gap between physical and cryptocurrency. Co-founder James Cox, predicts it to leap up the ladder within the next 5 years to such an extent that it will be as essential as an email account today!

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