The initial protocol for Ripple was introduced in 2004 but it was not until 2013 that its creator and programmer Jed McCaleb secured a proper investment and started developing the service.
Though Ripple is a crypto-processor with its own cryptocurrency, which is XPR, it differs majorly from products like Bitcoin, Litecoin, or Ethereum. Unlike these and other digital types of money, Ripple does not have a blockchain.
Wait a minute, a cryptocurrency without a blockchain? Is it even possible?
In fact, it is. Instead of a blockchain, Ripple uses RCPA – the Ripple Protocol Consensus Algorithm. Plus, unlike other cryptocurrencies that tended to decentralize and exist as independent financial chains, Ripple from the very start aimed at collaboration with banks, which would lead to better security, and higher trustworthiness. Currently, the list of banks that collaborates with Ripple, includes UBS, NBAD, and Santender.
Ripple has quite a few benefits when compared to BTC and other types of digital and fiat money services:
- It is quicker than Bitcoin.
- It is definitely faster when it comes to international transactions.
- It maintains low commissions when it comes to currency exchange as its protocol allows skipping an extra conversion (unlike the regular banks).
Setting up an account with Ripple is a fast and simple procedure. You can do it from the official website, as well as via apps for iOS and Android. Once the wallet is set, it is up to you to load it with crypto or regular currencies. All the transfers – by cards, banks, other payment systems, and wallets – are supported.
Once the wallet has cash in it, you are all set to play. Ripple is friendly to both casino deposits and e-wallets.