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.
- 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?
- 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.
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