XRP how it works? - Understanding Protocols & Ledgers
XRP - How does it work?
XRP was created on February 2012. According to one of the creators of the original protocol David Schwartz @joelkatz. - Ripple Labs Inc is an American cryptography digital payment fintech blockchain organization that created XRP to become a global digital currency to take over all payments systems! The goal is to make a digital dent in the universe! To Suck up all the monetary value of the world into 1 digital ledger called the XRPL that cannot be hack, that every transaction can be tracked! There will ever only be 100 Billion XRP. Currently at the time of this posting there are 44,089,620,959 XRP that exist. Where are the rest? Ripple Labs Releases 1 Billion each month to keep the supply in check of the demand. Currently, XRP has no demand due to no utility. The utility is not defined due to the American FEDs not declaring regulations on this digital currency or properly classifying what an XRP is or what is allowed to be done with it. Currently the SEC is trying to Sue Ripple Labs Inc. Next Court Date is on 4/28/2021
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XRPL Live Look
XRP is a digital Currency.
Transaction time = 3.5 seconds.
Anyone can use the XRP Ledger it's an open source protocol.
What does that Mean? I can send or receive any amount of payments to anyone in the world in 5 seconds for a fraction of a penny in transaction fees.
Why? Why is no one using this technology?
No organization is smart enough to understand or harness this technology. NO... Just to name a few VISA, PAY PAL, BANK OF AMERICA, AMAZON, & CITI BANK are all waiting for the United States Feds to declared XRP a digital currency and set regulations. Once this has been done their will be no turning back. Every payment system in the world will take XRP in just 5 seconds. There is no backend technology to this inter-ledger protocol is so simple it stupid.
The protocol consists of a data ledger of all transactions that have ever taken place. Think of the Ledger is a huge receipt for all of the XRP that were ever created.
Supporting Link - https://www.investopedia.com/terms/i/interledger-protocol.asp
Bitcoin was the first digital currency ever created, with that comes issues! Scalability - When the Lightning Network was created for Bitcoins the creator Satoshi Nakamoto (Some Anonymous Chinese’s Guy) did not ever think that everyone in the world would want to buy bitcoins all at the same time. If he would have, then he would have created more than 18 Million Bitcoins for the Lighting network protocol. With that said, it takes anywhere from 2-12 hours for your Bitcoin transaction to settle. This is due to the lightning network be so congested with traffic / transactions. It takes more energy to run the Lightning Network - Bitcoins Network than it does to power some small countries in the world.
Ethereum is in the same boat as Bitcoin. Ethereum protocol has been forked and hacked so many times now it is called the ERC-20 protocol. This modified protocol is a frankinstien of disaster charging as high as $100 transaction fee to move just $1 of Ethereum. Some ask why - The Protocol is a Frankenstien Nightmare - In fact many alt-coins run on this ERC-20 Protocol including Maker (MKR), Basic Attention Token (BAT), Augur (REP), and OmiseGO (OMG).
https://en.wikipedia.org/wiki/Non-fungible_token
ERC-721 Standard - ERC721 was the first standard for representing non-fungible digital assets. ERC721 is an inheritable Solidity smart contract standard, meaning that developers can easily create new ERC721-compliant contracts by importing it from the OpenZeppelin library.
ERC-1155 Standard - ERC1155, brings the idea of semi-fungibility to the NFT world as well as it provides a superset of ERC721 functionality, meaning that an ERC721 asset could be built using ERC1155
XRP is a digital Currency.
Transaction time = 3.5 seconds.
Anyone can use the XRP Ledger it's an open source protocol.
What does that Mean? I can send or receive any amount of payments to anyone in the world in 5 seconds for a fraction of a penny in transaction fees.
Why? Why is no one using this technology?
No organization is smart enough to understand or harness this technology. NO... Just to name a few VISA, PAY PAL, BANK OF AMERICA, AMAZON, & CITI BANK are all waiting for the United States Feds to declared XRP a digital currency and set regulations. Once this has been done their will be no turning back. Every payment system in the world will take XRP in just 5 seconds. There is no backend technology to this inter-ledger protocol is so simple it stupid.
The protocol consists of a data ledger of all transactions that have ever taken place. Think of the Ledger is a huge receipt for all of the XRP that were ever created.
Supporting Link - https://www.investopedia.com/terms/i/interledger-protocol.asp
Why is Bitcoin or Ethereum not the future of digital currency? Well...
Bitcoin
Bitcoin was the first digital currency ever created, with that comes issues! Scalability - When the Lightning Network was created for Bitcoins the creator Satoshi Nakamoto (Some Anonymous Chinese’s Guy) did not ever think that everyone in the world would want to buy bitcoins all at the same time. If he would have, then he would have created more than 18 Million Bitcoins for the Lighting network protocol. With that said, it takes anywhere from 2-12 hours for your Bitcoin transaction to settle. This is due to the lightning network be so congested with traffic / transactions. It takes more energy to run the Lightning Network - Bitcoins Network than it does to power some small countries in the world.
Ethereum
Ethereum is in the same boat as Bitcoin. Ethereum protocol has been forked and hacked so many times now it is called the ERC-20 protocol. This modified protocol is a frankinstien of disaster charging as high as $100 transaction fee to move just $1 of Ethereum. Some ask why - The Protocol is a Frankenstien Nightmare - In fact many alt-coins run on this ERC-20 Protocol including Maker (MKR), Basic Attention Token (BAT), Augur (REP), and OmiseGO (OMG).
ERC Protocols & Standards
A non-fungible token (NFT)
NFT - is a special type of cryptographic token which represents something unique. This technology was first utilized to verify authenticity of art work.https://en.wikipedia.org/wiki/Non-fungible_token
Ethereum Standards
ERC-721 Standard - ERC721 was the first standard for representing non-fungible digital assets. ERC721 is an inheritable Solidity smart contract standard, meaning that developers can easily create new ERC721-compliant contracts by importing it from the OpenZeppelin library.
ERC-1155 Standard - ERC1155, brings the idea of semi-fungibility to the NFT world as well as it provides a superset of ERC721 functionality, meaning that an ERC721 asset could be built using ERC1155
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