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Altcoin: What are the alternatives to Bitcoin?
To do this, there must be trust between the negotiating parties. If this is not available, further gateways can be interposed, which in turn trust each other. These Chain of trust (Chain of trust) increases transaction costs. Therefore, in such a case, it is possible to switch to XRP, convert the actual amount and thus transfer values directly - again within seconds.
The other benefit of Ripples concerns security: transactions that the parties involved do not carry out in XRP are chargeable. Currently, a transaction costs so-called 10 drops, which corresponds to 0.00001 XRP and thus equals a tiny fraction of a US dollar. The special thing about this fee is that nobody can claim it for themselves. The corresponding ripples are simply destroyed. Since the developers are not injecting new coins into the network, the value of XRP increases over time. Presumably, however, the transaction fee will then also be adjusted. The point behind the cost is namely, one Protection against spamor network flooding.
In theory, it is possible for criminals to overload the network with false transactions. So the fee exists to such Making attacks uneconomical. Therefore it is also necessary that every account at Ripple has at least 20 XRP reserves in the wallet. In this way, every user guarantees that he can pay transaction fees.
Ripple has caused quite a stir in the financial world, mainly due to its focus on banks. Some financial institutions have already entered into partnerships with the system or have at least publicly expressed their interest. So far, however, only a few service providers actually use Ripple. The system is criticized because of the Distribution of the ripples: Of the initial 100 billion XRP, the developers kept 20% for themselves and handed the rest over to Ripple (formerly Rippe Labs). The for-profit company is developing the protocol and will distribute the received ripples to the network.
Opponents of Ripple criticize the company for wanting to distribute only 55 billion XRP of these 80 billion to the network. The company would like to keep the remaining 25 billion for itself and use it to finance itself. If the value of XRP increases in the future, the value of the company will increase as well. The community is also bothered by the fact that so far only a fraction of the promised 55 billion has been distributed to network participants. Around criticism To invalidate, an algorithm should now ensure the guaranteed distribution.
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