XRP Facts

XRP Facts

Research
January 10, 2022 by xrpdepth
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Ripple is the name for both the digital currency XRP and the open payment network within which the currency is transferred. Which was founded in the year 2012 by Ryan Fugger. XRP, has consistently been one of the five largest cryptocurrencies by market cap. Here are the lists of XRP facts:   Its design is more
xrp-facts

Ripple is the name for both the digital currency XRP and the open payment network within which the currency is transferred. Which was founded in the year 2012 by Ryan Fugger.

XRP, has consistently been one of the five largest cryptocurrencies by market cap.

Here are the lists of XRP facts: 

  •  Its design is more of to complement rather than compete with cryptocurrencies and fiat currencies.
  • The XRP’s goal is to ensure secure , instant and affordable global financial transactions
  • This allows real-world assets to be transferred in between two parties by the process of issuance 
  • This is used by other traders to exchange for goods and services
  • This is actually like a passageway for transactions and acts like a bridge between other currencies. This is not like Bitcoin or Ethereum that can stand-alone.
  • This means that XRP cannot be mined or made.
  • England’s bank conducted proof of concept test with Ripple when it comes to integrating its blockchain technology for simulated cross-border payment
  • 5 years before Bitcoin, Ripple is already existing and it was first called “Ripplepay”
  • The transaction here can actually involve non-RIpple assets. Any currency, cryptocurrency etc.
  • American Express and Santander have partnered with Ripple for cross-border payments between the U.S. and the U.K. by using blockchain technology
  • Ripple was once had a lawsuit with its rival – developer R3
  • Their Consensus method is Proof-of correctness
  • Ripple is less prone to big speculation-driven price swings
  • This available in Philippines and can be seen to an application called Coins.ph
  • This is not a payment currency 

Ripple is a payment system, it is not a payment currency. It cannot be used to make payments for online purchases. It is designed to be a transfer system to move money from one point to another. Ripple’s XRP coin functions as a low-cost, fast intermediary in cross-border transactions. 

  • This is a part of fast Network 

With Ripple’s almost-instantaneous processing times, it is possible to transfer money between institutions in approximately 4 seconds

  • Southeast Asia’s leading digital cross-border money transfer service provider

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