No, Plus500 no longer offers sale, purchase, and trade of Ripple although trade with other CFD cryptocurrencies is still allowed. This comes in the wake of the controversy surrounding the coin and the SEC lawsuit related to alleged unjust enrichment of the company. However, the exchange does have an interesting post about Ripple, which we’ll recap in this short article.
History of Ripple
Ripple Net was created by Ripple Labs as a platform to be used by financial institutions to transfer the coin fast and cheaply. Banks, vendors, and payees can send coins to a local gateway, transfer their local currency to XRP, and transfer Ripple back to the vendor’s accepted currency. This lowers fees and shortens transfer times for institutions who might not have a direct connection with a counterpart abroad as long as they are both on the Ripple network.
Mechanism of Ripple
The company maintains a transaction ledger, making it easy to monitor the history of each coin worldwide. Ethereum and Bitcoin work in a similar fashion. This is a decentralized ledger system since no central authority controls it. It enables increased transparency and banks can now reap the benefits of a bigger financial network. XRP allows a gateway (bank) to alleviate the process by changing the local currency of the payer into its digital currency. Then, you can change it back into the vendor’s local currency.
Is Ripple open source?
Financial institutions can use Ripple to transfer funds quickly and efficiently all over the world. Ripple Labs determine the protocols. Ripple also flags money laundering and other suspicious activity. However, developers don’t have access to Ripple Net’s operations. RippleX is Ripple Labs’ open source software version. It’s open to developers who want to integrate XRP payments into their apps and programs.
How is Ripple unique among cryptocurrencies? Their main services involve quick global currency transfers. This means they still retain control of how the network is used to ensure trust in their platform even though their networks rely on a decentralized ledger and active validators.