What are Ethereum and Ripple in Cryptocurrency?

 Cryptocurrency is a digital method of payment that can be used to buy and sell goods and services. Cryptocurrencies function through a technology known as “Blockchain”. It is a technology spread across many computers that analyze and record transactions. Ripple and Ethereum are cryptocurrencies that work through blockchain technology. It helps people make easy transactions without physically being present at a particular place. It removes all geographical boundaries and makes the transaction process accessible. 

Ethereum was launched in 2015 and founded by Russian-Canadian developer, Vitalik Buterin. It is the first blockchain ever to enable the creation and entering of smart contract agreements by people. A smart contract is a kind of agreement which works on some pre-conceived conditions and proceeds with the transaction after those conditions are fulfilled.

The Ripple cryptocurrency was first produced in 2012, three years prior to Ethereum. Ripple Labs, located in San Francisco, is the private organization that built and launched it. It was created with an aim to produce a blockchain which would make cross border transactions easier and transcend all physical barriers. Ripple cryptocurrency are used by anyone to send and receive funds. 

Though Ripple and Ethereum both work on a decentralized system wherein only a single authority has control over the network, there are slight differences between the two. A major dissimilarity that exists is that unlike Ethereum, which allows anyone with a GPU to access and contribute to the network, Ripple makes use of “Transaction Validators”. Only the banks that use Ripple technology can become a transaction validator. 

To know more about Ripple Cryptocurrency, click here.

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