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Out of all the cryptocurrency, Ripple is the fourth cryptocurrency that has been introduced into the world. It is also known as Ripple Transaction Protocol (RTXP) or Ripple Protocol (XRP), is a distributed open source internet protocol that acts both as a cryptocurrency and as a payment network.

Ripple takes a different approach in cryptocurrency by acting as a tool for banks all around the world. The advent of ripple is mainly focused on making a decentralized economy

The transactions in ripple use an intermediate called as Gateway, which serves as a link between two users, who want to make transactions. The main function of the gateway is to receive and send currencies to the public address through a ripple network. It usually records all the IOUs of the user and gateway for a given currency. The IOU credits and the transactions in the ripple are available in an XRP Ledger. Ledger acts as a storage device in ripple. For every few seconds, a new ledger is being created; the last ledger will hold the perfect record of all the ripple transactions. The financial transactions in ripple are publically recorded and are available in the blockchain

The transactions in ripple run on a consensus protocol that helps to validate account balance and transactions on the system.

While compared to ethereum and bitcoin in which transaction takes place more than two minutes and one hour, ripple completes the transaction within seconds. Traditional methods may take three to five days.

The major benefits of ripple include scalability, low transaction fees, long-term stability, decreased volatility, whole coin ownership, easier entry point, and faster transaction.

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