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)

Summary

In this chapter, we have learned answers to the following questions :

  • How has Ripple solve inefficiencies of traditional systems to make payments fast and cheap?
  • What are the applications of Ripple?
  • What are cross-currency payments?
  • How do cross-currency payments work?
  • What are checks in Ripple?
  • How do checks work in Ripple?
  • What's an escrow in Ripple?
  • How does an escrow work in Ripple?
  • What are payment channels in Ripple?
  • How does a payment channel in Ripple work?
  • What is an ICO?
  • What is a decentralized exchange?
  • What's the difference between Ripple, XRP, and the XRP ledger?
  • Has Ripple kept a large amount of XRP from open circulation?
  • Why is Ripple faster when compared to Bitcoin?
  • What are the limitations of Ripple's smart contracts?

In the next chapter, we'll learn how to connect to the Ripple network and send money using the Ripple API.

...