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Ripple For Dummies


winthan
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This is for newbie only.

Introduction
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XRP is an independent digital asset, native to the Ripple Consensus Ledger (RCL). XRP can transfer the fund between XRP wallets. The user can buy the XRP asset from Ripple Gateway or Exchanges. There are some guides already for purchasing.

Gateway
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The Gateway operates with IOU digital assets on RCL and accepts XRP for deposit/allow withdraw the funds from Ripple's liquidity pool. Most of the Gateway accepts currency deposits from users and issue balances in the user XRP wallet address of the RCL. The Gateway acts like the bank for deposits and withdraw, and they issue IOU assets as balances on the gateway. Some gateway offers certain digital assets on RCL.

The user must understand the risk of having the IOU assets on any Gateway. Please be warned that there are dead gateways, where the user can NOT ask for withdrawing the digital assets. Don't be fooled by their cheap offering on the gateway at opening order before knowing how the gateway offer for users. Some unaware users may have a hard time to exchange back to XRP, it may end up with low exchanges/trades later if user traded on the dead gateway. Thus, the user must understand the risk of trading other assets than XRP on Ripple.

Reserves Requirements
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The user must fund in XRP wallet to activate.

Base Wallet Activation = 20 XRP
(All active Wallet must hold least 20 XRP for base account activation in XRP wallet)

Asset Trust Line with Gateway or Ripple Address = 5 XRP
(Automatically reserve 5 XRP at trusting a gateway for trading/exchange for an asset)

An Offer (Sell/Buy) On Open Order = 5 XRP
(Automatically reserve 5 XRP at adding an offer on RCL)

The reserves are to protect the shared global ledger from growing excessively large as the result of spam or malicious usage. The goal is to constrain the growth of the ledger to match the improvements in technology so that a current commodity-level machine can always fit the current ledger.

To submit transactions, an address must hold the least amount of XRP in the shared global ledger. The user cannot send this reserved XRP to other addresses. And he must have enough balance of XRP at offering offer at open order.

Creating XRP wallet
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The user can generate an XRP wallet by joining the exchange, or wallet site. Most of the exchange websites don't offer any free XRP for reserve amounts for wallet activation. At Gatehub gateway, they offer free 50 XRP for the “reserve”.

The user may generate XRP wallet at https://ripply.eu/coldwallet.html by themselves without joining any exchange or wallet too, and late fund the reserve XRP amounts to work with it. The user may ask Reserve fund at https://www.xrpchat.com to activate the account from generous users or ask any gateways to activate. If the user is shy at begging on XRPChat, please use $1 via PayPal for activation at https://bithomp.com/activation/. 

The user must keep your secret key safe, that is the only main key to unlock the wallet to transact later.

The user can check the XRP address with any following address for balance and offers.
https://bithomp.com/explorer/
https://ripplefox.com/tool/info
https://charts.ripple.com/#/graph

Following are well-known Open Source Code for XRP Wallets, the user may use these wallet tools for trade/payment if the user doesn't like to wallet site or exchange.

https://yxxyun.github.io/ = Source Code - https://github.com/yxxyun/ripple-wallet
http://ripplerm.github.io/ripple-wallet = source code -  https://github.com/ripplerm/ripple-wallet
https://jatchili.github.io/minimalist-ripple-client/

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5 minutes ago, seve7ete said:

https://ripply.eu/coldwallet.html

 

Never heard of this one. Did anyone tried it?

 
 
 
 

That one is open source for generating an XRP  address with a secret key.   And the user can generate a new address if they use a random secret key with https://yxxyun.github.io/, http://ripplerm.github.io/ripple-wallet too. I think that URL is easier for the newbie to print out and keep it safe somewhere. And you can see the source code at https://github.com/ripply-eu/ripply-paper-wallet.

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