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)

Important things you must remember

Following are some important points that you must when on Ripple:

  • Most transactions on Ripple follow the three-step process of preparing the transaction, signing it, and submitting it.
  • Transactions are applied only when validators approve the transaction.
  • When a check is created on Ripple, no money is deducted until it's cashed out.
  • Escrow in Ripple doesn't support issues currencies. It only supports XRP.
  • Time-held escrows in Ripple can be released by anyone only after the release time is passed. However, the money is released only to the destination account specified by the sender.
  • A conditionally-held escrow needs the condition and fulfillment to be passed in order to release the locked funds.