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The secure and user friendly Ripple

By Satyes Mukherjee
In Ripple
Feb 24th, 2014

Right now, one of the few rare crypto currencies that are in no way compared to Bitcoins is Ripple. As far as I have seen, Ripple is the first of its kind. It’s not just a currency; Ripple is much more than that and works the same way any virtual currency is expected to do. Apart from just trading with it, you can also find that it also operates as a payment method. The payment techniques is very straight-forward, like PayPal. I was able to satisfactorily trade my Ripple coins with a lot of contacts, and the transfer was safe, mostly because it took place in the virtual world.

The Ripple Conversion:

Unlike all the other crypto currencies, Ripple has its own distributed exchange. I have found offers to buy and to sell Ripple in the public block chain. There are even transactions histories, as well as a digital wallet, which shows the balances. With this exchange system, millions of people convert crypto currencies like Ripple to Bitcoins to US Dollars. And because, right now, not everybody is using virtual money, so having some cold hard cash at hand is a good idea.

The Ripple Network:

Ripple has not become renowned simply for its features. It is a force to be reckoned with, mostly because of both, financial and moral support, provided by the likes of Andreessen Horowitz, Google Ventures, Lightspeed Ventures and too many other multi-national companies. For a single Ripple, the cost at present is about $0.025. Only trusted relations are used to find a secure path between the transactions. Ripple Currency, RPX, can either be bought or gifted. With Ripple accounts, you select the people you wish to extend a hand of trust to. By using only a limited circle of trusted contacts, almost all spam and malicious attacks have been averted. Every transaction costs some RPX.

Ripple’s Efficiency:

Ripple is dependant only on the trust that each person has on the other. So basically, the efficiency of the Ripple system depends, as much as I hate to say it, on us. The currency is valued, because people value trust. The social capital provides the necessary financial backing the network needs. Apart from managing web servers and software development, the only other cost the system face is the network bandwidth. These expenses can easily be dealt with. Only the mutual trust among friends and family has made Ripple the super-power as it is today.

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