Ramp offers a solution for decentralised finance (also known as Defi), in this article we will be discussing why defi is one of the most important and exciting fintech trends of the last decade.
Ramp is a currency that has been launched in the market in January of 2013 and is currently trading at $0.50 USD. It’s one of the most popular cryptocurrencies in the world and its price has increased over this time period by over 500%.
How does it work?
Ramp is a currency that was generated out of thin air through a series of random contracts. These contracts are called “shares” and they are traded on an exchange like Coinbase, Binance, Binance Coin and others. The idea behind this system is to allow people to buy tokens with fiat money (USD), but then sell them back at a lower value using a cryptocurrency called “Ramp”. This is how you can buy Ramp at $0.50 USD per share and sell it back at $0.75 USD per share when you finish your contract or sell it for less than what you paid for it. The idea here is that all these transactions are irreversible, but we will see later on that this isn’t always true as there are some cases where you can change your mind and buy Ramp at any moment! To start with let’s go through the basics of Ramp:
The concept behind Ramp comes from the fact that there are two types of tokens, which have different rules regarding their value: 1) GHash2 (GHS), which represents an amount of gas needed to create new blocks, or 2) GHash, which represents an amount of gas needed to create new blocks. GHash2 is used in the system as a currency and is used to purchase Ramp and exchange it for other tokens.
In order to build Ramp, you have to create a new contract, which basically acts like an exchange between two parties that want to buy the same token, but in different ways. In this case, we want to buy GHS with BTC and exchange it back into GHS using BTC. To do this we need to set up a ruleset on our contract called “Ramp”. This ruleset will be used by all cryptocurrencies that use this concept: The rulesets are based on the following criteria:
Transactions can occur on the network at a rate of 10 million per second (in this case). A transaction is considered successful if it has reached the gas limit or not. If there is no more gas available from the gas limit then the transaction will be rejected. Transaction fees will be charged per transaction. Transactions are confirmed when at least 100% of all pending transactions have been processed by miners/miners/etc.
