Though both XRP and XLM have the main goal to make cross-border transactions easier, they are based on different principles. Which is closer to you? Let’s find out!
What is Stellar?
The Stellar network is an incredibly powerful platform that connects individuals, payment systems, and banks by enabling the transfer of currency across these parties. As a decentralized blockchain network, Stellar processes payments and money transfers much faster than traditional banking systems.
The transaction verification system consists of a few selected nodes that are responsible for greenlighting your transaction, which happens in a matter of a few seconds. Plus, the fees for these transactions is also much lesser.
For reference: the average transaction confirmation time for Bitcoin is 1 hour. Meanwhile, it is 15 minutes for Ethereum. Finally, you will be pleased to note that it is 3 seconds for Stellar!
What is Ripple?
Much like Stellar, Ripple is a blockchain technology that acts as both a cryptocurrency and a payment network. It is currently seen as one of the most reliable and secure means of transferring money and sourcing liquidity as required. Since there is no need for a central intermediary, transferring XRP (the coin used on the Ripple network) is both convenient and simple.
Ripple uses a medium referred to as ‘Gateway’ to establish trust in transactions by sending the desired amount to public addresses on the Ripple network. Anyone interested in making payments on the Ripple network would technically have to open a gateway to exchange currencies with others.
It uses a peer-to-peer consensus mechanism which is what lends it a highly secure status!
What’s the difference?
The main difference is that both cryptocurrencies have different target audiences. For example, Ripple was created specifically to appeal to a huge market with a great potential for profit, like banks. That explains why XRP is more centralized.
On the contrary, Stellar refers to itself as “not for profit”: its goal is to provide financial services for all, even for the unbanked ones. This cryptocurrency is designed to help people rather than to make money.
Plus, the both currencies use different algorithms, with the unique consensus protocol for Stellar and proof of correctness for Ripple. Furthermore, XLM is inflationary, while XRP is deflationary, meaning they increase and decrease circulation, respectively.
Embrace XRP and XLM on 1xBit!
Both Ripple and Stellar are useful cryptocurrencies whose implementation continues to grow and become more versatile. At 1xBit, we incorporate these cryptocurrencies and blockchain technologies to allow users to play live casino games and bet!
Here is why you should join 1xBit if you have Ripple or Stellar on you:
- Welcome bonus. All newcomers can claim a 7 BTC welcome bonus after making the first 4 deposits.
- 30+ cryptocurrencies. 1xBit supports cryptocurrency only. Whether you have Stellar (XLM) or Ripple (XRP), you can switch easily between them thanks to your multi-currency account!
- Anonymous casino. You do not have to input any personal information to get started on 1xBit. Enjoy 100% anonymity!
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Don’t wait – head on over to website and join in on the fun today!
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Source: https://coinpedia.org/press-release/stellar-vs-ripple-which-one-is-better-for-you/
