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)

Setting up a Ripple account

We'll be using Toast wallet (a desktop/mobile wallet) to set up our Ripple account. You can download the app on your desktop or mobile. You can choose any other wallet of your choice—the onboarding process won't be exactly the same, but similar.

The first time you open Toast wallet, you'll be shown the license agreement. Scroll down and you will see the Create a New Wallet button, as shown in the following screenshot on the left. Once you click on this button, you will be asked to set a six-digit pin, as in the following screenshot on the right. This is to prevent your wallet from unauthorized usage. Every time you open your wallet, you need to provide the six-digit pin to gain access to your wallet:

You will be then asked to set a passphrase, like in the following screenshot on the left. You need to provide the passphrase for...