Crypto Academy Season 2: Altcoins – Part1 Homework Post for @yohan2on | by@akashhassan


Hello to all my friend Today I am doing another homework for the steemit Crypto Academy and I am very happy that the Academy resumes and I have learnt a lot from the lecture thank you for the lecture and let's begin my homework

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Altcoins

Let's first understand what is the meaning of altcoins it means alternative coins maybe thinking alternative to work alternative to Bitcoin All the cryptocurrency except bitcoins are called altcoins

we all know that the Source Code of Bitcoin is public so anyone can download it and modify it And that is why many of the developer decided that they can modify the code and add some additional features And that is how the new alcoins came into existing

When was the first altcoin

In 2009 anonymous person name satoshi nakamoto created Bitcoin alternate currencyto currency which we use in our daily lives And he kept the code of Bitcoin public for everyone

in 2011 a person name Charlie Charlie lee he modified the Source Code of Bitcoin And created a coin name litecoin It was the start of altcoins And after that many other points came into existence nowadays there are more than 2000 alt coins in the market you can check that onlineor in coinmarketcap

RIPPLE [ XRP]

Start from the beginning ok so I will try to explain it in my own words so that you can understand it better

Ripple is the company and xrp is and the currency many people get confused in this and that don't understand the difference between company and currency Just like we see in the case of of ethereum is a company and ether is the coin or token

Ripple company was started before the cryptocurrencies in 2004 they wanted to modify the money transaction system The first name of xrp was of coupon coin Then after so many years when the currency was started in 2012 they foam the xrp which you can see nowadays And since then it is called XRP

What does this coin do [xrp]

The company which created xrp they work in international transaction Now does that work let me give you example

suppose I have a account in any of the bank my country and I have to send money to my cousin to Canada What will I do of course I will go to the bank and I will tell them that I have to send some money to other country and then they will do it for me that is what we call international money transaction

Now all the banks use a network called the swift network and the biggest problem with this network is the time consumption so it will take for days minimum and in some cases it can take more than 52 10 days for a payment to be confirmed International payment of course And then there is a problem of transaction cost But That depends upon the country and amount in some cases it can be 12% of deduction from your total payment Now it's you sent $100 to someone it take at 12% of it it means that your $12 is gone

This is not the fault of bank bank has to pay their dues and they have to have account pre fundedin other countries throughThat that can do the international payments And because the swift network is very complex and they confirm the payment from so many channel and that's why it takes a lot of time

to solve all these problems ripple created there ripple net system And that did collaboration with so many big banks internationally

how do ripple solve the problem

the first problem that this solve is is transaction cost so it take the cost to a very minimum level which is for example 0,00053 for something that depends upon the payment but still that take it to a very low level so that solve the biggest problem of transaction cost

They have found a really good way and that is is that they dont need to keep a pre funded account in the other countries Just like they have to do in Swift network they don't need any account in other country they are partnered with so what they will do is they will use xrp for the transaction in that case that I don't have to to wait for anyone to check the transaction because they don't have to keep a pre funded account in the other country that will reduce the transaction cost

The second problem that the solve is the transaction speed now in the swift network it will take four days for a transaction to be confirm over here it will take only 4 seconds for a transaction to be completeThat is a very big problem that this solve because you can get your money instantly in just a few minutes

We will take the example of Bitcoin over here in Bitcoin There can be only 3to 4 transaction per second and in and in ethereum there can be 15 transaction per second in ripple there can 1500 transactions per second xrp Is considered to be the most fastest transaction payment method and international payment they have Significant work

Pre mined currency

so you can mine Bitcoins and other cryptocurrencies through your computer or other machines but this is the currency that you can't mine the total supply of ripple in the market will be hundred billion coins the coins are with the ripple company and they provide coins to the bank when they are in need and that is how they release new coin

Market details

Rank #4
Pierce $1.58
Market Cap $71,971,074,101
Volume $17,133,053,609
Circulating Supply 45,404,028,640 XRP

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Advantages

the biggest advantage of this coin is the speed of this coin it can provide you the fastest transaction speed in the Crypto world and that is what makes it unique coin

partnered with so many international banks and financial institutes it means that there will be no problem for this coin to go ahead so many big financial institutes are on back of this coin

The best and very good advantage for everyone is the low cost of transaction in this coin everybody wants to save their money and a coin can help them I think ok that is also big advantage

Disadvantages

this coin is not decentralized the basic idea behind cryptocurrency was to decentralized the currency but of the investors of ripple is mostly Financial institute and they are not decentralized so that the disadvantage in my observation

the second biggest disadvantage is that it is connected with banks banks are closed or they are not functional for any other reason you can't do any transaction that is a disadvantage in my observation

Conclusion

XRP has a really bright future ahead because so many big people are coming up in the support of this coin like Ellen mark and other big names they are supporting this coin so I believe there is a really good future for this fine investment will be a great idea

Being the fastest cryptocurrency there can be so many e ways of using this coin in different industries

I think it can replace the Swift network release soon in just a few years



thank you for the leature

@yohan2on

regards @akashhassan


Comments 3


Hello @akashhassan,
Thank you for participating in the 1st Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 6/10 rating, according to the following scale:
Originality
Compliance with topic Consistency of method Quality of analysis Clarity of structure & language
(1/2)
(2/2)
(1/2)
(1/2)
(1/2)

My review :

Acceptable content that addresses a few aspects of XRP cryptocurrency. I liked the use case you presented to address the problem of wasting time when transferring money, what your article is missing is to analyze your ideas and give your critical opinion.

Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01

18.04.2021 14:35
0

thank you

18.04.2021 14:39
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hello sir my homework is going to be expire without curation what should i do

23.04.2021 13:33
0