Mar 24, 2019 23:30 UTC
Mar 24, 2019 at 23:30 UTC
If you have read our guide to Ripple, you already know this is an incredible cryptocurrency and payment protocol loved by banks and crypto users like. With its value transfer system as a real-time gross settlement protocol, Ripple is increasingly being used by banks to make transactions quick, speedy and smooth. Given it is such a great cryptocurrency, we should definitely have a look at 10 facts about Ripple that will blow your mind.
You May Also Read: How Can Blockchain Make You Go OMG?
The following are the exciting facts about Ripple you surely did not know:
1. Ripple cannot be mined
We are all too accustomed to cryptocurrencies that can be, and are commonly mined, be it Bitcoin, Ethereum or any other mineable cryptocurrency. However, Ripple is a unique cryptocurrency that cannot be mined.
This is because Ripple was pre-mined by its developers. All the Ripple (XRP) coins have already been produced and there remains no further need for mining.
2. Ripple is both a platform and a currency
The term Ripple is used to refer to both the open source protocol-based money transfer system as well as the actual cryptocurrency you can buy, sell and trade on.
3. Ripple allows for super cheap transactions
The payment protocol that Ripple provides is extremely cheap. Although its fees are not absolutely zero, they are still very very low, making it a payment protocol to go for.
4. Ripple’s co-founder created a similar cryptocurrency
Jed McCaleb, who is the co-founder of Ripple, went on to create a very similar payment protocol. The new protocol, which also doubles as a cryptocurrency and a payment transfer system, is known as Stellar. Stellar is also a reliable performer in the crypto market.
Although the two are quite similar, there are some crucial differences between Stellar and Ripple, including their respective scales and profit-orientation.
5. Number of tokens
The developers of Ripple created 100 billion Ripples at the very outset. However, to make sure the market forces can function optimally around this cryptocurrency, only a controlled supply is sent out.
Around 40 billion Ripples are in circulation. The remaining 60% is held by Ripple Labs, of which 55 billion are held in escrow.
You May Also Read: Pros and Cons of Ripple
6. Ripple has made some great partnerships
In any business, making notable partnerships represents a step towards success.
Ripple has managed to take that step with remarkable alliances with several top notch companies and banks including JP Morgan and American Express.
7. It is the third largest cryptocurrency in the market
Ripple is currently the third largest (according to market cap) in the crypto market. Despite having displaced Ethereum quite a few times in the recent past, Ripple has not managed to hold on to the second spot.
It has slid down to the third spot, as of now, but it seems that Ripple still stands a chance of regaining that spot.
You May Also Read: Can Ripple Ever Overtake Ethereum?
8. Ripple has a healthy work environment
Ripple’s employees are reportedly delighted to be working in such a healthy and conducive work environment. The work ethic of any organization drives its success to a great extent and Ripple is no different.
As per a survey conducted by a firm known as “Great Place to Work”, 96 per cent of all Ripple employees (which is a rather high number) reported being satisfied with the quality of work and payscale.
9. The CEO of Ripple is a crypto millionaire
Brad Garlinghouse, who serves as the CEO of Ripple, is a known investor in the crypto space.
He has made a fortune worth nearly 500 million is counted as one of the top 20 richest crypto investors. He has had his name featured on Forbes’ crypto rich list for the same.
10. Ripple is super fast
Ripple is incredibly fast and can process nearly 1500 transactions each and every second. To put the whole thing in perspective, Bitcoin can only handle about 16 transactions in an equivalent amount of time.
Here Are A Few Other Articles For You To Read Next: