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The ripple is a real-time gross settlement system, also known as a "RBTR", a foreign exchange market, and a remittance network. A real-time gross settlement system is one in which settlement instructions for transfers of funds or securities take place individually, meaning instruction by instruction. It is a system that was launched in 2012 and supports any monetary system, including fiat money and cryptocurrency. It’s a decentralized network that can operate without any influence from Ripple, the company that founded the system.

The concept of Ripple

In Ripple's own words, its open source protocol is "basic infrastructure technology for interbank transactions - a neutral tool for financial institutions and systems." In other words, banks and financial institutions can use Ripple to transfer money and execute financial transactions around the world in matter of seconds.

The principle of these international transfers is relatively simple. Take the example of a transfer from USA to the United Kingdom. The money is sent from the issuer's account to the account of an intermediary, also located in USA. This intermediary sends the equivalent of this sum to the account of another intermediary located on English soil who keeps the ripples and sends the equivalent sum in pounds sterling to the recipient's account. Thus, the issuer will only pay the rate for a local transfer, since the money crosses the border in the form of ripples.

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International transfers with Ripple

Making international transfers with Ripple has several advantages:

• As we have already seen, the amounts transferred cross the borders in the form of ripples, which means that you will only pay the amounts relating to a local transfer. It is therefore a very economical solution for all your international transfers;

• Processing time is shorter than for a bank transfer. Indeed, an international transfer will generally take several days if it is made by a bank while it is instantly sent and received using Ripple;

• Transfers in a currency other than one's own are also facilitated. In fact, using Ripple, the recipient will receive the transfer converted into the currency of their local bank account.

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Ripple, a hybrid currency

Independent servers

This is what makes Ripple different compared to other cryptocurrencies: independent servers that provide transaction security. These servers can be owned by anyone, so some banks can own them as well. This is what makes this cryptocurrency incomparable with its competitors.

The validation system

The validation of each transaction is carried out by consensus. It is a voting system between independent validators who constantly compare their transaction records.

Conclusion

Ripple is a service that makes international transfers faster and cheaper than going through a bank.
Before crossing the border, the money is converted to ripples, so you will only pay the cost of a local transfer.
Using Ripple, you will be able to make transfers in a currency other than that of your bank account.

Note:

I have also published this post on publish0x.
https://www.publish0x.com/cryptoplanet/everything-you-need-know-about-ripple-xrp-blockchain-shakes-xrewvq

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