Ripple is providing a blistering transaction speed to its users by processing transactions double than VISA. In this post, we will discuss How long it takes to transfer Ripple?, XRP transaction cost and Ripple (XRP) Transaction time.
Major Cryptocurrency networks such as Ethereum and Bitcoin are incompatible when it comes to transaction speed and scalability. It takes time for a network to process transactions with end-to-end encryption using cryptography. In order to make a transaction with Cryptocurrency such as Ethereum requires a lot of computational power. However, Ripple can now process around 50,000 transactions per second while VISA can only process 24,000 transactions.
What is Ripple XRP?
Ripple (XRP) is cryptocurrency and a Real-time gross settlement system (RTGS) and a remittance network. Cryptocurrencies usually use PoW algorithm or computational power to run a network while Ripple is mined. It does not rely on the computational power to perform transactions while it uses a validation server which compares transactional records constantly. To ensure integrity Ripple is based on a shared public database which may belong to anyone from an individual to banks. Furthermore, Ripple is represented by a symbol known as XRP which is a medium to transfer money between two parties.
More information about ripple – click here
How long it takes to transfer Ripple?
The company has emerged with many financial organizations due to its security and processing speed. Ripple is known for its transfer speed as it can make over 50,000 transactions per second after an update. So far Ripple is stable since it was released in 2015. The network has processed more than 35 million transactions without any issues or technical flaws. Many Banking institutions now support ripple because of security and capability to handle 1500 transactions per second without any bad record. Many attackers might behind the network but security experts are improving every day at Ripple. Furthermore, RIpple network is rising in trend and it may become forefront amongst all the cryptocurrencies.
In conclusion, If Ripple (XRP) can process 50,000 transactions per second than for one transaction it can take 0.0012 seconds to complete one transaction. Currently, Ripple (XRP) is supporting 1500 transactions per second and after an update, it may process transactions double than VISA which supports 24,000 transactions per second. Therefore, it takes 0.04 seconds to complete a transaction for the Ripple Network.