Why we cannot Mine Ripple XRP Coins

There is a reason Why We cannot mine Ripple XRP Coins which are discussed below.  But before starting with Mining Ripple you need to understand How Ripple works.

About Ripple

  • Ripple is a payment protocol developed by the Ripple Labs and formerly named as Opencoin.
  • It is a payment protocol developed by the Ripple Labs and formerly named as Opencoin in 2012.
  • Ripple mining is restricted because It works on nodes and is secured by the developer of Ripple rather than the working of the Bitcoin. 
  • It was created by Ryan Fugger after perceiving the idea of the development of payment protocol or digital currency in 2004.
  • Furthermore, It runs on the Ripple protocol (RTXP) which was produced by Ryan Fogger.
  • Ripple launched a website in 2013 as ripplepay.com which was angel funded for two times in 2013.
  • However, This fund round was participated by Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank and Santander Innoventures.
  • Ripple’s peer-to-peer node program is open source and every developer can contribute to them.
  • There were more coins introduced on the method of Ripple as it is the cost-efficient program to users.
  • Lastly, It received a $700k money penalty from the U.S. Treasury’s Financial Crimes Enforcement Network.

Why We cannot Mine Ripple (XRP) Coins?

Why we cannot Mine Ripple

  • Ripple was the project to introduce digital cash which was started earlier than Bitcoin was introduced by Satoshi Nakamoto in 2009.
  • The Ripple protocol enables the user to send money directly or instantly by charging fees.
  • Soon Ripple had risen over 200% in 2014 and acquired a position in  TOP 10 Cryptocurrency in the world.
  • If Ripple would work on Blockchain technology then Ripple mining would be very imperious and best to mine.
  • Usually, mining cryptocurrency is to rabble a currency.
  • Currently, Big Coins such as Bitcoins and Ethereum are 90%, soon mining of these coins will come to an end this querulous task.

Read Also – Free Bitcoin Mining without investment in 2019

Earn Free Bitcoins Online in 2019 with many ways

Leave a Reply

Your email address will not be published.