Two Main Reasons Why Ripple Isn't A Real Cryptocurrency
There are many cryptocurrencies that all draw inspiration from bitcoin, the ancestor of all. Bitcoin was the first definition of humanity of what it means to be a cryptocurrency, but it is a complicated being that relies on many special functions and components. For example, Bitcoin has a decentralized blockchain ledger, where millions of participants organize and store a record of their transactions. It also has cryptographic hashs, so merchants can use a system of public and private keys for their security identities.
Bitcoins transactions are processed by miners, a supportive and stimulated community that everything runs smoothly. Relevant, it also has a finite stock. These features have made it easy to conduct transactions securely, store value and even speculate.
Does a cryptocurrency have to show any of the properties of the bitcoin or can any kind of digital money be labeled as such? These are logical questions, most of which have most of the models of the collective predecessor.
Ripple is a currency that is gaining in popularity after years of living in the shadow of Bitcoin, without interest from traders because of the compromise between crypto and fiat money. Some in the community have refused to regard Ripple as a real cryptocurrency because it is so different. Are they correct? (See more: Ripple Is Back: Here's Why.)
Ripple: The Strange Hybrid
Ripple is not designed as a currency, or a normal cryptocurrency according to the standard definition. While bitcoin and comparable cryptocurrencies give the value of the currency the same priority with network security, speed and applicability, RIPPLE distances itself from the idea of XRP as any form of investment asset and instead focuses on making the blockchain as strong as possible. . This is mainly due to the institutional entities serving Ripple, such as American Express or Santander Bank. To achieve this goal, the Ripple Foundation created XRP, but pinpointed each of the traditional components of cryptocurrency in an almost unrecognizable state.
Miners have disappeared
Ripple does not have any mining or miners at all. Instead, transactions are driven by a "centralized" blockchain to make it more reliable and faster. Mining is a core of most other cryptocurrencies, and each uses its own system to determine how much power the miners have. Some, like bitcoin, use Proof-of-Work, but there is also evidence of importance and evidence of importance.
In cryptocurrency, miners are encouraged to process the network that Ripple handles untenable. In a solution built for large banks, there should not be a separate group with its own special motivations for running the network.
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