WHAT IS RIPPLE?
Ripple is a distributed open-source digital currency, and an open payment network within the currency itself is transferred. Similar to other cryptocurrencies, Rippleâ€™s initial goal was to build upon Bitcoin. It prides itself on direct access, speed, certainty, and lower costs.
WHAT IS THE DIFFERENCE BETWEEN RIPPLE AND BITCOIN?
Rather than competing with Bitcoin, Ripple positions itself as a â€˜complement to, rather than a competitor with, Bitcoinâ€™. However, there are some differences between the two â€“ one being Rippleâ€™s flexibility with sending any currency, and automatically exchanging currencies. Ripple also has no blockchain download, meaning clients are ready in seconds.
HOW DOES RIPPLE BENEFIT BITCOIN USERS?
Ripple allows for expedited transactions and increased stability. There is no waiting on block confirmations due to Rippleâ€™s independency as a distributed network. Ripple allows seamless transfer of any form of currency, including Bitcoins.
WHAT ARE ALTCOINS?
The term â€˜altcoinsâ€™ is short for alternative coins. Given that Bitcoin was the first cryptocurrency to surface in the market, the other digital currencies that emerged are referred to as altcoins.
WHAT IS BLOCKCHAIN?
A blockchain is a digital ledger recording cryptocurrency transactions, maintaining records referred to as â€˜blocksâ€™ in a linear, chronological order.
WHY USE A BLOCKCHAIN?
Using a blockchain ensures security and manages digital relationships as part of a system of record.
WHAT IS DISTRIBUTED LEDGER?
A distributed ledger is a database, digitally recording transaction information using cryptography, making it secure and unforgeable.
WHAT IS THE DIFFERENCE BETWEEN A BLOCKCHAIN AND A DATABASE?
There are several differences between a blockchain and a database, including the level of control. Blockchains are under a decentralized control, whereas a centralized database creates a dependent relationship between users and administrators. Users tend to prefer confidentiality, which is better achieved through a centralized database. Performance also differs, as a centralized database is able to compute information faster than blockchains.
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