image source: amazonaws.com
Ripple is different from other cryptocurrencies, in that it doesn’t use blockchain as it’s method of establishing consensus for transactions. Rather, Ripple uses an iterative consensus when it comes to transactions, which makes it much faster than Bitcoin – but open to different risks.
Ripple itself is a payment network that boasts instant, secure, and nearly free financial transactions across the globe, of any size. Insofar, Ripple has convinced several financial institutions to test it’s blockchain, and may see implementation in the future.