Matic and Ripple are two of the most popular currencies in cryptosphere. They both promise great returns, aim to achieve real-world problems, and have stayed stable while sustaining market volatility.
This is why these two currencies are oft-compared with each other. And if they have got your interest too, let us take a look at how Matic and Ripple fare against each other.
What is Ripple (XRP)?
Ripple was launched by Jed McCaleb and Chris Larsen in 2012. It is not just a cryptocurrency but also a digital payment network that allows financial transactions.
It was launched with an aim to make international money transfers easier, faster, and safer and to do away with the shortcomings of the SWIFT system used by banks around the world. It has some clear improvements and corrections as compared to the current traditional banking system. These include:
- The Ripple network processes one transaction every five seconds.
- It has an extremely low transaction fee. The current fee is around 0.0001 XRP, which is a fraction of the transaction cost of other digital currencies.
Ripple is an open-source and peer-to-peer decentralised platform that utilises a gateway. This gateway is the link between users who want to transact with each other and acts as the credit intermediary.
The native cryptocurrency of the Ripple network is XRP, which is used as a transaction fee or for currency conversion. XRP doesn’t distinguish between fiat and cryptocurrencies. If you wish to trade in Ripple, know the Ripple price INR.
The Ripple network does not run with a proof-of-work system. Instead, the transactions on this network rely on a consensus protocol. This protocol validates account balances and transactions and improves the system’s integrity.
What is the potential of XRP and what can you expect in the future?
Crypto analysts and experienced investors see Ripple as a potential currency. It saw explosive growth when its prices went up by 35,000%. That’s not all, more than 100 banks around the world have signed on to the Ripple Network.
What is Matic (Polygon)?
Polygon is a digital currency with MATIC as its symbol. It is also a platform that enables blockchain networks to scale and connect. It was launched in 2017 as ‘Ethereum’s internet of blockchains’. It aims to improve the security, speed, interoperability, and other benefits of the Ethereum blockchain. The network is capable of deploying existing blockchains and creating completely new ones that are compatible with Ethereum. It uses a modified proof-of-stake consensus mechanism that allows consensus to be achieved with every block.
The network’s native cryptocurrency is Matic, which is used for staking, paying the transaction fee, and more. It can be bought or sold via cryptocurrency exchanges. Matic is capped at around 10 billion tokens. Out of this almost 7.53 have already been issued. If you wish to trade, know the Matic coin price in India.
What is the potential of Matic and what can you expect in the future?
Though Matic, just like any other cryptocurrency, has seen highs and lows in terms of its market capitalisation, it is amongst the few currencies that have shown the best recovery rate. And, that includes Bitcoin.
If it continues to attract the attention of investors, the market cap of Matic is expected to scale new heights.
Despite all the predictions and expectations regarding the potential and future of these two cryptocurrencies, the markets are quite volatile. Everything rides on investors’ sentiments and community endorsements. We advise that you safeguard your investment by keeping abreast of the latest happenings in the crypto markets and diversify your investments. You can refer to Coinswitch for all the latest news and conversion rates before parking monies in any of the two currencies.