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)

High speed and low-cost payments

In the first chapter, we learned why the global payment system was inefficient. Let's get into the following to understand how Ripple overcomes its inefficiencies:

  • Present global payment systems don't work as a system. They lack effective inter-connectivity.
  • Lack of effective inter-connectivity leads to costly transaction fees and delays.
  • Most data in these systems is hidden and can be easily manipulated. Hence, there's no transparency in the system.
  • Lack of transparency in the system increases the chances of fraud.
  • High transaction costs limits banks ability to address a large market.
  • Since there's no standardization across networks, it's unreliable for people to send sensitive information with their transaction.

Ripple solves the above inefficiencies through RippleNet. It uses blockchain technologies for reliable,...