Ripple mining is a transaction network protocol, which is used between banks or businesses to transact currency and has undergone an immense growth over last couple of weeks.
Ripple transaction network protocol is based on a similar technology such as Blockchain technology, but it is not exactly the same. Ripple is not in need of any mining. Ripple is a protocol for everyday person that works on a consensus network.
Ripple has proved to be very useful for big financial institutions, such as banks. Ripple allows banks to transfer currency or other assets. Ripple can transfer any type of currency such as US Dollars, Euro, assets such as Gold or air miles. These currency or assets can be transferred through Ripple between other financial or business institutions almost instantly. Ripple works much more efficiently than other transfer systems such as Swift. Other transfer system takes number of days to materialize the transfer for a huge service fees. Ripple does it almost in instants, in sub seconds, absolutely painlessly.
Ripple transaction network protocol uses XRP as the currency of Ripple network. XRP is also a form of crypto currency. XRP can be traded but not mined. XRP is a free digital currency as it is not tied to any conventional paper currency. The transaction cost of XRP is very low.
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