Book Image

Ripple Quick Start Guide

By : Febin John James
Book Image

Ripple Quick Start Guide

By: Febin John James

Overview of this book

This book starts by giving you an understanding of the basics of blockchain and the Ripple protocol. You will then get some hands-on experience of working with XRP. You will learn how to set up a Ripple wallet and see how seamlessly you can transfer money abroad. You will learn about different types of wallets through which you can store and transact XRP, along with the security precautions you need to take to keep your money safe. Since Ripple is currency agnostic, it can enable the transfer of value in USD, EUR, and any other currency. You can even transfer digital assets using Ripple. You will see how you can pay an international merchant with their own native currency and how Ripple can exchange it on the ?y. Once you understand the applications of Ripple, you will learn how to create a conditionally-held escrow using the Ripple API, and how to send and cash checks. Finally, you will also understand the common misconceptions people have about Ripple and discover the potential risks you must consider before making investment decisions. By the end of this book, you will have a solid foundation for working with Ripple's blockchain. Using it, you will be able to solve problems caused by traditional systems in your respective industry.
Table of Contents (7 chapters)

Getting Started with Ripple

Money has undergone evolution since its existence: from a barter system to physical objects to gold coins. Paper currency replaced gold coins, which was again replaced, to an extent, by digital money. Even before digital money replaces paper currencies, we can start seeing money taking a new form through cryptocurrencies. Bitcoin was the first decentralized cryptocurrency. Later, many cryptocurrencies such as LiteCoin, Ethereum, and Ripple were introduced to the market.

In this chapter, we will be exploring the following topics to understand the basics of Ripple and why it is necessary:

  • Introduction to the blockchain, the underlying technology behind cryptocurrencies
  • Introduction to Bitcoin, the first decentralized cryptocurrency
  • Inefficiencies with traditional payment systems
  • Introduction to Ripple, the currency agnostic cryptocurrency
  • The functionality of the Ripple Protocol
  • Key features of Ripple
  • Potential risks of Ripple