Cryptocurrency and Network Applications: Bitcoin and Ripple Report

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Networked Application Management

Contents
Introduction...........................................................................................................................................3
Bitcoin...................................................................................................................................................4
Ripple....................................................................................................................................................4
Part 1.....................................................................................................................................................5
Part 2: Application of Bitcoins...............................................................................................................6
Part 3.....................................................................................................................................................8
Conclusion.............................................................................................................................................9
References:..........................................................................................................................................10
Table of tables:
Table 1: Comparison Table....................................................................................................................7
2

Introduction
The report consists of the discussion about the Bitcoin and Ripple which are a Cryptocurrency and
this report will help the user to understand more about both Cryptocurrency and how they are
different from each other. This also shows the comparison of both the Cryptocurrency. The user will
have more to learn about this in this brief.
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Bitcoin
The Bitcoin is something which is for a person to person which does on have any head office or the
central authority. This does not have the banks which use to manage the transactions of the Bitcoin.
This process is collective with the network which is carried out. The Bitcoin is open-source which is
not control by anyone and this is a good but risky platform to earn money. The Bitcoins allow for
every person to take part in this and this has an easy payment system. This is peer to peer fast
transaction. Bitcoins have merchandise which use to buy the Bitcoins. The small business usually
likes this because there are no credit fees. The people usually think that the prices will go higher if
they invest so this might be risky because the prices may get low at times. Many marketplaces are
present to exchange the Bitcoins and the people can but it or sell it by using different currency. The
security concern is present in Bitcoins because this was not so much secure while doing transaction
the hacker might be present in between. In this the digital cash sending was done. There is a wallet
of the Bitcoins which stores the Bitcoin and this works as the virtual bank [3].
Ripple
Ripple consists of both currency and platform which are the open-source protocol which helps to
design cheap and fast transaction. The ripple platform has the own currency that is XRP which allow
creating the platform of their own RippleNet. The ripple net is the network of the institutional
payment which has the money services and bank services which provide the solutions to develop the
Ripple which provides the frictionless global money. The ripple does not consist of the blockchain so
for verification ripple. This consists of the Ripple consensus algorithms (RSPCA). Here the consensus
means that each node is at rest when agreement which has no issues. Here the low commission
currency exchange takes place which is directly converted into the country currency. The average
transaction is in 4 seconds [1].
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Part 1
Discussion of the following aspects related to ripple:
 Architecture: The architectural of the ripple network is complex this helps to demonstrate
the basic work of the ripple’s system, this supports the online payment network protocol
and have the payment asset exchange of the own Cryptocurrency. This uses the mechanism
of the consensus instead of the blockchain technology and has the group of servers or
confirming the transaction. There is the system of the SWIFT which has the security of
money of the international. This has the group of transactions which confirm the server for
the mechanism. It may be said that cryptographic money is the robotized cash of the new
industrialization of the propelled cash advance [3].
 Features: The subject of the assessment is the monetary relations creating during the time
spent course of action and buy of cryptographic sorts of money utilizing moved instruments.
New impels in the field of cash dispersal, the climb of new sorts of financial checks—
cryptographic money—lead to the rising of another fiscal truth of digitization. Electronic
financial structures change the standard thought of how cash can be. In the conventional
view, money is constantly made by a particular state tended to by a national or state bank,
at any rate, the propelled money is decentralized, it is a non-express, considerably more
totally, supranational structure. It may be said that cryptographic money is the robotized
cash of the new industrialization of the propelled cash advance. In made nations, state edges
are twisting up legitimately immediate, the majority is twisting up continuously adaptable,
and the methodologies of mechanized hold globalization cause general cash searched for
after that to permit moment exchanges on the Internet. Thusly, the rising of cryptographic
money is a sort of pointer of modernized changes happening in the entire society [11].
 Challenges: The challenge of the ripple is on social spaces framed to tie the social,
trademark, and recorded settings that make high bridge one of a kind. Our proposal is a
circuit of shows, joining the exercises of craftsmanship, beguilement, and scene so as to
make remarkable or surprising adjacencies among them. The circuit is a surrounded
framework whose connection is pushed by the line-indirect section plan that structures both
the steel and square work structures of the increase correspondingly as the tangle of vehicle
foundation underneath [5].
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Part 2: Application of Bitcoins
1. as a system of record
 Tokenization: The physical items are paired with the digital items which mean the token is
used to bind digital worlds and physical worlds. The tokens are used for supply chain
management, fraud detection, and intellectual property.
 For government: Governments have fervour for the majority of the three view segments of
blockchain progression. From the outset, there are the proprietorship rights consolidating
cryptographic key having a spot, refusal, age, substitution, or episode. They, in addition,
have vitality for who can go about as an important piece of a blockchain engineer. Also, they
have vitality for blockchain appears as they bolster exchanges, as government’s reliably
direct exchange underwriting through consistency systems. In this manner, administrative
consistency is viewed as a business opportunity by different blockchain engineers.
 For financial institution: The database of the blockchain is used which helps to store their
own transactions history. The databases are with the context of the system of record.
 For audit trails: Blockchain improvement offers a way to deal with ordinarily make a record
of who has gotten to data or records, and to set controls on concurs required to see data.
This additionally has critically implied for health records [1].
 Inter-organisational data management: This is a technology which will help the user to
collect the data and then make use of data. This also helps to gather the information.
 Digital Identity: Cryptographic keys in the hands of people think about new having a place
rights and motivation to shape enchanting electronic affiliations. Since it didn't depend upon
records and consents related with records, since it is a push exchange, and in light of the
way that commitment in regards to keys is obligation in regards to automated resource, this
places another and secure approach to manage direct character in the impelled world that
decays showing clients to sharing a ludicrous proportion of unprotected solitary data.
2. As a platform
 Automated Governance: The Bitcoin is the self is the example of the automated government
that mans no government is involved in this; there is no decentralized organization of the
subject.
 For Market: This has the responsibility to speak of the stock and have the physical things of
the resources. The code can be specific to the control code and have different character
keys. The guidelines of the instrument will be executed.
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 For streamlining of settlement and clearing: In the stock trading world there is the term used
T+3 which means the trade of the days are accepted and there is no blockchain which gets a
number out to down the security risk. There is blockchain technology which settles the trade
and with the T+ 0 equation [5].
 For smart Contracting: the contracting of the best relies upon the earth, comparatively as
several assurance associations, driven by a start-up, is wanting to accumulate a stage to
grow a new pushed relationship between banks themselves. Their way to deal with oversees
affirming these new pushed affiliations are a mix of various contracts and coded business
premise
 Automated Regulatory: Blockchains are the spot impelled affiliations are being circled and
affirmed. Particular new associations are handling sidechains, bespoke blockchains related
with more prominent open Blockchains. These 'solidified blockchains' can demolition issues
like the square size trade Bitcoin. It is figured these social events will most likely make
blockchains that certify the sorts of exchanges. This has the essential employment for
amazing contract code, exercises, executed by a blockchain appear which is sorted out [7].
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Part 3
Table 1: Comparison Table
Bitcoin Ripple
This has the ownership which will be publicity.
The outset, there are the proprietorship rights
consolidating cryptographic key having a spot,
refusal, age, substitution, or episode.
The ownership of this is of the private
company. This is not ruled by the government,
this follows the blockchain method.
Speed of transaction will be an hour Speed of transaction will be in the 3-4 second.
Cost of the transaction will be around $40. This
has a low transaction speed.
Ripple cost of the transaction will be around
$0.004. The ripple is on social spaces framed to
tie the social, trademark, and recorded settings
that make high bridge one of a kind.
Coin supply will be in 21Mln Coin supply will be in 100bln
This has been declared as the Cryptocurrency
of detested and the scourge of something. This
will have wound against the social techno that
can express specific proprietorship rights
example it tends to be possessed or can claim
different things. There is money badger which
continues for the slog upwards.
There Is two Scio-reflective they are quality
information reflect Acumen which has the
market relations and this has the keen
understanding to the matters and has set the
goal which can be accomplished, this has the
new dynamic of the web that helps to have the
dynamic cause of interactive. This has effective
communication productive and skill
relationship of the positive results. Their
communication can be common or uncommon.
The rate of rejection of social-ads is around
96%. There are community and organizational
nature of social technology.
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Conclusion
The above report concludes that the user will have the proper knowledge about the Bitcoins and
ripple this will help them to understand about the Cryptocurrency. How they are different from each
other. This also shows the comparison of both the Cryptocurrency.
9

References:
[1] Kristoufek, L., 2019. Bitcoin and Its Mining on the Equilibrium Path. Available at SSRN 3394866.
[2] Shahzad, S.J.H., Bouri, E., Roubaud, D., Kristoufek, L. and Lucey, B., 2019. Is Bitcoin a better safe-
haven investment than gold and commodities?. International Review of Financial Analysis, 63,
pp.322-330.
[3] Huberman, G., Leshno, J.D. and Moallemi, C., 2019, May. An Economist's Perspective on the
Bitcoin Payment System. In AEA Papers and Proceedings (Vol. 109, pp. 93-96).
[4] Yaya, O.S., Ogbonna, E.A. and Mudida, R., 2019. Market Efficiency and Volatility Persistence of
Cryptocurrency during Pre-and Post-Crash Periods of Bitcoin: Evidence based on Fractional
Integration.
[5] Tovanich, N., Heulot, N., Fekete, J.D. and Isenberg, P., 2019, June. A Systematic Review of Online
Bitcoin Visualizations.
[6] Benji, M. and Sindhu, M., 2019. A Study on the Corda and Ripple Blockchain Platforms.
In Advances in Big Data and Cloud Computing (pp. 179-187). Springer, Singapore.
[7] Bruno, C.M.T., 2019. Gann Tools for Better Crypto Currency Trading Outcomes. Available at SSRN
3370625.
[8] ElBahrawy, A., Alessandretti, L. and Baronchelli, A., 2019. Wikipedia and Digital Currencies:
Interplay Between Collective Attention and Market Performance. arXiv preprint arXiv:1902.04517.
[9] Benji, M. and Sindhu, M., 2019. A Study on the Corda and Ripple Blockchain Platforms.
In Advances in Big Data and Cloud Computing (pp. 179-187). Springer, Singapore.
[10] Jha, A. and Reddy, B.I., 2019. Application of Bitcoin in Blockchain-A Systematic Literature
Review.
[11] Chevallier, J., Goutte, S., Guesmi, K. and Saadi, S., 2019. On the Bitcoin price dynamics: an
augmented Markov-Switching model with Lévy jumps.
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