Ripple - A Better Bitcoin
Ripple - A Better Bitcoin
Written by Alex Armstrong   
Friday, 12 April 2013

An open source, peer-to-peer payment network has been launched in beta and gives a way for people to send money to anyone, anywhere, using their currency of choice, including Bitcoins.

 

 

OpenCoin's Ripple network supports cross-currency transactions and it's fledgling website makes a point of providing information to bitcoiners, pointing out that it lets them spend and receive Bitcoins as easily as any other currency,

It heads its list of advantages with the fact that currency exchange is built into the Ripple network stating:

Our goal is to integrate virtual currencies with all the payment systems of the world. By making it easy for consumers to use virtual currencies, we believe this will help grow the entire virtual currency marketplace.

It also points to the advantage of having a decentralized network which has the twin benefits of not having to wait for confirmations and there being no central point of failure, which should provide stability.

Ripple contains its own virtual currency, "ripples" or XRP which provide an important security feature: every Ripple transactions destroys a miniscule fraction of an XRP, and while this amount will be unnoticeable by even high-volume users, it prevents anyone from overloading the network with abusive transactions.

 

This video explains how Ripple works.

 

According to Tim Simonite, writing on MIT Technology review, OpenCoin has attracted investments from Andreessen Horowitz, from Lightspeed Ventures and from the early-stage wing of the Founder’s Fund, a venture firm owned by PayPal cofounder Peter Thiel.

“OpenCoin’s Ripple protocol, which enables free instant global payments in any currency, including Bitcoin, supports many of the advantages of a math-based currency like Bitcoin while also addressing some of the drawbacks,”

says Jeremy Liew, managing director of Lightspeed Venture Partners. If math-backed currencies are made useful, as OpenCoin is trying to do, they will last, he says.

ripplebitcoin

More Information

OpenCoin Inc

Related Articles
Bitcoin Hits 10.5 Million - Mining Payment Halves

Bitcoin Idea Gets $500,000 funding

Bitcoin still standing - but panic takes over

Inside Bitcoin - virtual currency

Bitcoin gains an open source client

Digital currency lets GPU cycles print money

 

 

To be informed about new articles on I Programmer, install the I Programmer Toolbar, subscribe to the RSS feed, follow us on, Twitter, Facebook, Google+ or Linkedin,  or sign up for our weekly newsletter.

 

 
 

 

blog comments powered by Disqus

 

Banner


The Performance Of AngularJS
11/05/2017

AngularJS is a popular and hence important JavaScript framework, but there isn't a lot of information about how it performs in the real world. Some research based on a survey gives us some clues.  [ ... ]



New Developer Economics Survey
29/04/2017

Vision Mobile has launched its Developer Economics Q3 2017 survey and you'll find a space journey theme and a smattering of programmer jokes as you complete it. The incentive is prizes to win and pers [ ... ]


More News

Last Updated ( Sunday, 02 June 2013 )
 
 

   
Banner
RSS feed of news items only
I Programmer News
Copyright © 2017 i-programmer.info. All Rights Reserved.
Joomla! is Free Software released under the GNU/GPL License.