EXCHANGE CARDANO TO XRP
What do you need to know?
- The average time of the exchange of ADA to XRP — 5 minutes
- Only 15 confirmations of the Cardano blockchain are needed to complete the exchange
- Destination tag is the payment ID in Ripple. If you need it when sending a transaction, be sure to include it
- If this is your first time using a Ripple account, you need to activate it. To do this, you need to send at least 20 XRP
A brief history of Cardano
At the end of 2014, former Ethereum developer Charles Hoskins put together a team to create a Cardano platform that, in his opinion, had to meet all his requirements. With the help of the platform, Charles Hoskins wanted to introduce cryptocurrency into the real economy, make microtransactions convenient and create convenient conditions for launching reliable and secure decentralized applications.
Cardano address formats
There are 2 types of Cardano addresses:
- Byron is the first version of an address that starts with “A” or “D”.
- Shelley is a new type of address based on the bech32 format. The address starts with “addr1”. A feature of these addresses is their compactness. If earlier all information was stored in the blockchain, now only the most necessary remains there. Also, the new address model allows for up to 123 address versions.
Speed and fee in the Cardano blockchain
The exchange requires 15 confirmations. Blocks in the ADA blockchain appear approximately every 20 seconds. The average time for confirmation of an exchange is 5 minutes.
The Cardano blockchain fees are very small — less than 1 cent.
XRP at a glance
Ripple is a blockchain-like payment system launched by OpenCoin Inc in 2012 that focuses on non-chargeback currency exchanges.
Ripple works not only with cryptocurrencies, but also fiat currencies and commodities. That being said, it is worth highlighting the difference in the names of Ripple and XRP. Until recently, an equal sign was put between these two names. Now, Ripple is the name of the company, and XRP is the internal cryptocurrency of the Ripple network.
Ripple account activation
If this is your first time using a Ripple account, you need to activate it. To activate a Ripple account, you need to send at least 20 XRP to it, which are frozen forever. This stock is attributed to spam protection. The purpose of the fees is to protect the network from DoS attacks, making them too expensive for hackers.
What if the Destination tag was not specified when needed?
Destination tag is the payment ID in Ripple and other coins. Many services have protection on addresses, which does not allow transactions without a tag.
If it happened that you forgot to specify the tag or specified it incorrectly:
- Check if the transaction went through. To do this, you can use the Xrpscan service.
- If the transaction is not confirmed, please write to our technical support. We will help you resend it.
- If, nevertheless, the transaction went through, then, unfortunately, we will no longer be able to help. In this case, you should write to the technical support service of the service to which you sent it.
The advantage of XRP over competitors is that the speed of financial transactions is almost instantaneous. An interesting feature is that the speed will not be affected by either the price or the Ripple rate, and even the load on the network will not be a problem.