Since its inception, Ripple has managed to hold a position in the leagues of top cryptocurrencies by market capitalization. Its highlights have not gone unnoticed to casino operators and players, many of whom are big fans of Ripple gambling.
The primary reason for this is that it offers some clear benefits over other digital cryptocurrencies such as faster transaction processing and better security. This comes as no surprise given that its founder, Brad Garlinghouse, has extensive experience in technology. Among other roles, he was at one point a senior VP at Yahoo. As a result of his experience and leadership, Ripple has developed a highly innovative system.
The software it runs makes it possible for banks as well as individuals to easily transfer money to any part of the world. It offers immediate transaction settlement by virtue of its underpinning currency, which is known as XRP. This effectiveness in transmission and settling is what has made XRP a top choice at many casinos around the globe.
In this guide, we look under the hood of this unique crypto and figure out all there is to know about Ripple casinos. Read through our in-depth review of XRP casinos to get all your questions answered.
What is Ripple (XRP)?
Ripple is one of the world’s most popular cryptocurrencies and has been used at numerous gambling sites for faster and more secure transactions. Ripple was founded in 2013 by Brad Garlinghouse who has an extensive background in several major technology companies, including Senior VP at Yahoo!. Under Brad’s leadership, Ripple have developed software which enables banks (and individuals) to transmit money anywhere in the world with immediate settlement finality using the platform’s currency, XRP. XRP is now becoming a currency of choice for many of the world’s most famous Bitcoin casinos – largely in part, due to its rapid transaction speeds.
Why use Ripple (XRP) instead of Bitcoin for gambling?
Ripple’s cryptocurrency, XRP operates on a distributed ledger much in the same way that Bitcoin does. Many thousands of nodes safely secure and validate transactions on the network; meaning that there is no central point of failure and that the entire history of the ledger is agreed by consensus. Ripple’s key difference to Bitcoin is that the blockchain is run as a “consortium”. In a consortium chain, trusted nodes are selected to validate the network. In a public chain (such as Bitcoin’s) any node can choose to join and validate (or attack) the cryptocurrency’s blockchain. By operating as a consortium (or “private”) blockchain, less time needs to be spent on protecting users from malicious activity. It is also not possible to mine the XRP cryptocurrency because the entire supply of XRP was distributed on its inception. A large portion of these funds are time-locked by Ripple Labs and will be slowly distributed back into the economy in the years ahead. For this reason, blocks are not “mined” as such, but packaged up and verified by nodes on the network – allowing for faster settlement.
Ripple’s main advantage as a cryptocurrency for gambling is by far its transaction speeds and network scalability. The trade off of this speed is a certain level of centralization, however that is becoming quickly diminished as more consortium nodes come online. XRP is also setup in a way that if Ripple Labs was to disappear, the blockchain’s open source code could still operate without issue.
The Ripple cryptocurrency – XRP – has typically been associated with bank to bank transactions however its application as a gambling currency is underappreciated. Ripple is the PayPal of blockchains, however unlike PayPal, there is no central authority to determine which transactions can or can’t be allowed. PayPal and many other payment processors have always been hostile towards transactions that involve casinos, and so an equivalent platform that is agnostic to gambling could not be more welcome. We have listed the best XRP gambling sites and casinos below, all of which accept Ripple XRP deposits and withdrawals.
How does the Ripple network work?
The Ripple network differs from other cryptocurrency networks in the sense that it is a centralized currency exchange system. Unlike a majority of other cryptocurrencies whose networks operate on decentralized networks of miners, Ripple uses a centralized network of servers. These run its internal ledgers and use consensus to guarantee transactions.
Basically, the network acts as an intermediary between trading parties and the facilitator of transactions. It seeks to offer real-time payment settlements as well as currency exchange services. But rather than try to replace existing financial institutions, it works hand in hand with them.
What is RippleNet?
As a result, at least 100 companies, including banks and money service providers have adopted its software, creating RippleNet. RippleNet is essentially a network consisting of institutional payment service providers. It uses the solutions that Ripple has created to offer a fast and frictionless experience when sending money globally.
A major drawback of its centralized structure is that even though the Ripple Network protocol is open source, Ripple Labs holds control over XRP supply. This limits the viability of the network in the absence of a controlling entity.
Furthermore, it is a private company and the project has financial objectives. Therefore, it is more likely to listen to the views and requirements of clients (financial institutions) rather than the average user.
Why use XRP currency?
The Ripple network has its own currency, XRP, which is primarily a technology for its digital payment network and protocol.
Interestingly, transactions on the network are not limited to XRP. It also supports a wide array of fiat currencies. These include the US Dollar, Euro, Pound and Japanese Yen. Additionally, the network supports other cryptocurrencies such as Bitcoin as well as value markers like gold and frequent flyer miles.
XRP has consistently held a spot in the top 5 cryptos by market cap since its creation. In May 2020, it is the third cryptocurrency by market capitalization. Its market capitalization is about $8.8 billion and the price per token is $0.2.
A Brief History of Ripple
San Francisco-based startup Ripple Labs established Ripple (XRP) in 2012. However, the idea behind it had been conceived as far back as 2004. In fact, RipplePay.com, the brainchild of Ryan Fugger, came into existence in 2005 before the inception of blockchain-based cryptocurrencies.
Back then, it was a secure payment platform designed for communities. It did not become popular. In 2011, Chris Larsen and Jed McCaleb approached Fugger with the idea of replacing RipplePay with a digital asset network. And in 2012, their work on the new transaction protocol kicked off.