Ripple Vs Iota

Anisa Batabyal
| 06 May, 2020 | 2 min

Ripple (XRP) and IOTA (MIOTA) are both very prominent digital currencies, having a unique set of purposes and vision. For instance, IOTA works on the Internet of Things (IoT) methodology and is created with the main idea to make a platform for business to business models. Ripple is the name of the organization, and XRP is the currency, which is created to provide an easy settlement between different financial institutions. Both of them are potentially active with their current developments and updates and have a huge fan following in the crypto space.

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Let us check out the top differences between Ripple and IOTA:

#1 Purpose and Basis

Ripple is a remittance network and currency exchange, built on a distributed open-source Internet protocol, consensus ledger and native cryptocurrency called XRP. To brief out, XRP has been created to be used as a buffer in cross-border money transfers. IOTA, on the other hand, is enabling the business by providing a revolutionary new blockless distributed ledger that is lightweight, scalable, and makes it possible to transfer value without any fees.

#2 Transaction Fee and Transaction Speed

XRP has an average transaction speed of 4 seconds, and it can process 1500 transactions per second. IOTA can already handle between 500-800 transactions per second, which gets faster as the network grows.

Ripple has an average transaction fee of $0.0055, while IOTA transaction costs are zero. In the case of IOTA, the more transactions, the more quickly each transaction will be confirmed. (IOTA vs Ripple)

#3 Price

Based on the Ripple chart vs IOTA, XRP is trading at $0.198240 with a market capitalization of around 8 billion USD and a circulating supply of around 44 billion XRP, as of April 8, 2020.

IOTA is trading at $0.167945, with a market capitalization of around $466 million and a circulating supply of around 2.7 billion MIOTA.

FAQs on Ripple Vs IOTA

  1. Is IOTA better than ripple?

Both of them have been created with a unique purpose, and they are good as per their vision.

  1. XRP vs IOTA, which has the best long term potential?

As per the historical trends and price charts, it seems both of them are going to go a long way.

  1. What is the difference between ripple and iota?

We have stated the major differences between Ripple and IOTA above, and their main differences lie on the technology and purposes.

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