Ripple information

What is Ripple?

XRP is the native cryptocurrency of the XRP Ledger (XRPL), an open-source, distributed ledger protocol designed to enable fast, efficient, and cost-effective cross-border payments. It was launched in 2012 by Ripple Labs and aims to provide financial institutions with a reliable and scalable network for transactions.

Whitepaper: https://www.lcx.com/xrp-mica-white-paper/

How does XRP work?

XRP functions as a bridge currency within the XRP Ledger, enabling transactions between different fiat currencies and cryptocurrencies. The network uses a consensus protocol that allows validators to reach agreement on the validity of transactions within seconds. This enables fast and secure transfers without the need for mining.

The Token

Ticker: XRP

Category: Cryptocurrency

Blockchain: XRP Ledger

Protocol: Ripple Protocol Consensus Algorithm (RPCA)

Year of launch: 2012

The Technology Behind XRP

The XRP Ledger uses the Ripple Protocol Consensus Algorithm (RPCA), which validates transactions through a network of independent validators that reach consensus in 3 to 5 seconds. This setup enables fast transaction processing with low fees, making it attractive to financial institutions aiming to optimize cross-border payments.

The XRP Ecosystem

The XRP ecosystem includes various products and services designed to enhance payment efficiency:

• RippleNet: A global network of financial institutions using Ripple's technology for fast and reliable cross-border payments.
• On-Demand Liquidity (ODL): A service that uses XRP to provide instant liquidity for international transactions, reducing the need for pre-funded nostro accounts.

Who Founded XRP?

XRP and the XRP Ledger were co-developed by engineers David Schwartz, Jed McCaleb, and Arthur Britto. Shortly after the launch of the XRPL, McCaleb, Britto, and Chris Larsen founded a company called OpenCoin in September 2012, which was later renamed Ripple Labs.

Impact on the environment

Work in progress.