Payment Settlement Cryptocurrency Platforms

Since the development and launch of Bitcoin in 2009, several cryptocurrency platforms have been developed, each of these platforms offering various uses and service to millions of people around the world. Each cryptocurrency is built to solve certain problems in certain sectors or industries of the economy.

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There are some of these cryptocurrencies that have dived into the payment settlement and protocol payment, this article will discuss some of these platforms. They include :

Litecoin : this cryptocurrency platform was launched in 2011 by Charlie Lee and since then has gone to become one of the most sought-after cryptocurrency platforms in the world. This platform was built on the Bitcoin protocol but happens to be an advanced version of the Bitcoin network. It is four times faster than Bitcoin and according to certain people, this platform is also more secure than the Bitcoin network. This platform is a payment settlement platform which means that this platform seeks to ensure that users carry out thousands of transactions in a fast and secure network. This platform is a decentralized one meaning that people can send and receive funds without any intermediaries or third parties. To explain how the Litecoin network works, we will use an illustration. Let's say Richard who lives in the UK wants to send money to his cousin Ken who is in Kenya on vacation. If Richard was to use a bank, the cost for the transaction would be outrageous, it would take about 3 to 5 days before the transaction is confirmed, and Richard would have to spend time with lots of paperwork. This would certainly discourage Richard from doing so, but with the Litecoin, Richard can make the transaction without having to go through any stress. First of all, Litecoin offers users fast transactions, cheap transaction fees which could be only cents most times and most importantly Richard would not have to spend time filling forms. It takes Litecoin about 2.5 minutes for all transactions to be confirmed and executed.

Ripple (XRP) : this happens to be another cryptocurrency platform that seeks to make payment settlements as quickly as possible. Launched in 2012, this platform seeks to offer instant payment services as well as a secure and fast network where these transactions can be carried out. According to the developer of this platform, Chris Larsen, traditional banks are slow and charge high for all transactions. Ripple was developed to solve this issue, it provides a platform where cross-border transactions can be carried out. Aside from the fact that this platform offers a secure network, it also happens to be one of the fastest cryptocurrency platforms in the world.

Dash : like the cryptocurrencies mentioned above, this platform has also dived into the payment industry. This platform that was built on Bitcoin's protocol seeks to be the most scalable and user-friendly global payment platform in the world. It offers instant and also private transactions to users. Unlike other payment platforms, Dash seeks to offer its user who wants to carry out anonymous transaction the opportunity and platform to do so.