How is Hyperledger different from Ripple? Explain in brief
Blockchain technology has been the focus for many since the time it emerged. Earlier, its prominence was limited to cryptocurrency exchange, but over a period of time, there has been a considerable increase in its use cases, and now we find the applicability of Blockchain across the different industries. Although there has been a considerable increase in the use cases of Blockchain and its application, its longevity is still under the gauge. Blockchain platforms and its features vary, for example, we have public, private, and permissioned Blockchain. Each of these blockchains is different and has different applicability. Based on the requirement, the Blockchain developer uses the right Blockchain platform for cryptocurrency exchange and other purposes. In this blog, we are going to address hyperledger technology and Ripple and will also understand the difference between the two.
What is Hyperledger?
To put it smiley, Hyperledger is a Blockchain project that provides the right framework, guidelines, standards and tools for Blockchain application development. It is a permissions Blockchain and provides an enterprise-level solution. These applications find usability across the different industries. Since the participant knows each other, it becomes easier for them to trust each other, ensuring safe and transparent information exchange.
The company using this platform can use all the components that fall under the Hyperledger umbrella and enhance its business performance, thus ensuring the efficiency of the business processes.
Key aspects of Hyperledger
· Hyperledger is an open-source platform used for developing enterprise-level Blockchain solutions.
· The Linux Foundation hosts it.
· There are several sub-projects of Hyperledger like Composer, Celli, Sawtooth and Hyperledger fabric.
What is Ripple?
Ripple is a cryptocurrency, and it also acts as a digital payment network for monetary exchange. It was released in 2012. Its main process is payment settlement, and it acts as a remittance system, the same way as the SWIFT, which banks use to settle cross border payment settlements.
The key differentiating factor of Ripple and SWIFT is that Ripple runs on Blockchain, which makes it a decentralized system, thus ensuring safe monetary exchange with minimum processing time.
Ripple also has a cryptocurrency named XRP. XRP serves as an intermediary between two currencies and networks. To put it in simple words, Ripple is the network, and XRP is the cryptocurrency token.
Key aspects of Ripple:
· It is a Blockchain-based digital payment network, and it has its own cryptocurrencies, i.e. XRP
· Ripple uses a consensus mechanism via bank-owned servers to confirm transactions.
· Ripple is a more energy-efficient price as compared to Bitcoin.
· It is one of the top five best rated and valuable Blockchain based tokens.
Difference between Ripple and Hyperledger
It is a network for payment settlement
It has XRP as cryptocurrency token
Ripple is a consensus process
Ripple uses public network
It is an open source platform for development of applications
There is no such cryptocurrency token in Hyperledger
Hyperledger is a protocol via which the consensus is created
Hyperledger used private network
Become a certified Hyperledger expert with Blockchain Council’s professional certification program
The Blockchain Council offers a hyperledger courses . These are an industry-oriented program that guarantees a complete understanding of the concepts of Hyperledger and its application. After completing this certification program, one gets all the knowledge and skill for its use and application. To know more, connect with the Blockchain Council today.