Ripple (XRP) is blockchain created by banks which is pre-mined unlike bitcoin and Ethereum. Ripple connect banks, corporate, exchanger, payment providers to send money globally. It is real time gross settlement system, currency exchange and remittance network. It enables simple, instant and nearly free global financial transaction of any size with no chargeback.
Cost Efficient: - Currently cross border transaction requires many intermediaries; thus settlement takes multiple days (2-4 Days). Ripple enable cross border payment within banks to be executed within seconds (5-10 Seconds) providing banks end to end visibility throughout the transaction.
Strong Investor Base: - It has strong investors base which includes Google ventures, Accenture, Santander, Seagate, Axis Bank, SBI Remit, Unicredit and others. It has strong advisory board that includes Bank of America, UBS, RBC and others.
Speed of Transaction: - Ripple handle 1500 transaction per second, 24x7 and is scale to handle the same throughput as VISA.
Global Presence: - It has real time global payment across 27 countries and has 10 production accounts. With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple has more than 90 customers around the world.
Why Not Ripple?
Governing body of ripple owns more than 50% of coins. Unlike Bitcoin & Ethereum, Ripple is a relatively closed blockchain.
Ripple is not an Open Blockchain. Individuals can’t get full access to the Ripple Network. To send money through ripple wallet, you should be accepted as trustworthy by ripple network. Considering most users in ripple network are banks, they have no reason to accept you.