What is ripple coin

XRP: The Best Digital Asset for Global Payments

XRP offers financial institutions the fastest, most reliable option for sourcing liquidity on demand.

What Is XRP?

XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger—an open-source, permissionless and decentralized blockchain technology that can settle transactions in 3-5 seconds.

XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently.

How Is XRP Used?

Faster, less costly and more scalable than any other digital asset, XRP and the XRP Ledger are used to power innovative technology across the payments space.

Ripple is focused on building technology to help unleash new utility for XRP and transform global payments. Third parties are also pursuing other XRP-related use cases.

RippleNet

RippleNet customers can use XRP for sourcing liquidity in cross-border transactions, instead of pre-funding—ensuring instant settlement, lower exchange fees and more efficient use of working capital.

RippleX

RippleX is Ripple’s open developer platform for money. Through RippleX projects, developers leverage XRP and its underlying technology in use cases from micropayments, to e-commerce to exchanges and peer-to-peer services.

XRP and the XRP Ledger are open-source technology that anyone can build on. To get started, learn more at XRPL.org.

How Does the XRP Ledger Work?

The ledger is maintained by independent participants of a global “XRP Community,” of which Ripple is an active member.

Independent validator nodes come to an agreement on the order and validity of XRP transactions. This agreement, called consensus, serves as final and irreversible settlement. The ledger reaches consensus on all outstanding transactions every 3-5 seconds, at which point a new ledger is issued. Anyone can be a validator, and active validators on the ledger today include universities, exchanges and financial institutions. There are currently 36 validators, and Ripple runs 6 of them—16%.

Interested in running a validator? Learn how to get started here.

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What is XRP?

Anna Koutras

You’ve probably heard the buzz about XRP, the newest member of our cryptocurrency offering. In true crypto style, there’s plenty of excitement surrounding the currency – but there’s a lot of confusion too. So, what is XRP? And how does it differ from other currencies?

If you’re struggling to navigate between Bitcoin, Litecoin, Ether and the other cryptocurrencies, don’t worry. In this article, we’ll be telling you all you need to know about XRP – and its relation to Ripple.

Well grab your life vest, because we’re going to dive right into XRP! 🏊🏻‍♂️

XRP vs Ripple — Are XRP and Ripple the same thing? 🧐

It’s okay if you are a little confused about XRP – and how it relates to things like RippleNet and Ripple. It doesn’t help that three different elements – a currency, an interbank network, and a company that runs it – are often each referred to by the single name: Ripple.

However, they are different things – and it’s worth knowing what’s what.

What is Ripple?

Let’s start with Ripple itself. This is actually a payment platform – or a real-time gross settlement (RTGS) system – run by a company of the same name; Ripple. It was designed to allow seamless transfers of money in any form, be it USD, Litecoin, Yen or others.

The idea behind the creation of this platform was to enable almost instant global transactions at low costs. This drew the attention of some of the world’s biggest financial players, who were interested because through RippleNet – its international network – they could send money worldwide without the fees and wait times traditionally associated with international payment systems such as SWIFT.

So, What is XRP

RippleNet is a system, connecting banks and firms, through which money can be sent seamlessly. Ripple, meanwhile, is the company that runs it. What then is XRP?

XRP is the cryptocurrency associated with that system. It is the digital asset promoted by Ripple that allows payments to be facilitated through the platform. However, it is not necessary to use XRP to use its payment platform.

So no, Ripple and XRP are not the same thing. Although, as many people refer to XRP as Ripple, it’s not surprising that there’s some confusion.

And What Does XRP Stand For?

XRP is the abbreviation of the currency, like USD or GBP. Its proper name is actually Ripple, however it is referred to as XRP these days to avoid confusion.

So how is XRP different from other cryptocurrencies? 🤷‍

With so many currencies on the cryptocurrency scene though, a legitimate question to ask is what makes XRP special? Why would you choose to use XRP over something like Bitcoin Cash, or Bitcoin?

There are four aspects of the currency that you should know:

1. Volume 💰

In a similar fashion to a company releasing stocks, Ripple released 100 billion XRP tokens at the get go — and this is the maximum amount of tokens there will ever be.

This is in contrast to other cryptocurrencies such as Ether which essentially has no limit to the amount of tokens it can release, or Bitcoin which has to be ‘mined’ and will eventually reach a maximum amount of coins.

To dive a little deeper — Bitcoins are released as rewards for for the ‘miners’ in order to incentivise the continuation of the network, whereas XRP tokens have already been created and are released when Ripple chooses to do so.

If all that sounds like crazy talk to you, to put it simply, we don’t know exactly when Bitcoin will reach its supposed limit, but we do know exactly how many XRP are in existence.

2. Ownership 👑

One of the key elements of other cryptocurrencies is the fact that they are totally decentralised and not owned by any one authority or individual. Bitcoin for example is reliant on its huge number of global miners for it to function, grow and develop — which effectively means that no one person has full control over the currency.

In contrast Ripple owns 61 billion of the 100 billion XRP that were created and the rest of the currency is traded freely on the open market. It’s claimed that Ripple holds nearly 50 billion in an escrow account, systematically releasing the tokens to clients.

Other cryptocurrencies are based firmly on the idea of separating themselves from financial institutions and authorities, whereas Ripple and XRP actively welcome them.

Some crypto fans aren’t keen on the fact that this currency is owned by a company with centralised control and is therefore more regulated, whereas others see this as a sign of security and the potential longevity of XRP.

3. Speed 🏎

Another defining difference between XRP and other cryptocurrencies is the speed at which payments can be processed. A transaction made with XRP is settled in just 4 seconds. For Bitcoin, meanwhile, transaction times can vary depending on how congested the network is – ranging anywhere from 10 minutes to extreme cases of 16 hours.

4. Purpose: What is XRP used for? 💵

Cryptocurrencies like Bitcoin were created as a peer-to-peer payment system, with the purpose of cutting out banks and government control.

XRP was actually intended as a ‘bridge currency’ for financial institutions, to allow them to make simple, fast, cross-border payments, without the need for multiple middlemen, or the huge fees usually associated with these types of transactions.

Although XRP isn’t necessary to use the Ripple platform to make payments, it’s thought that various companies are looking to adopt it. The company’s CEO Brad Garlinghouse tweeted that banks and payment providers are “indeed planning to use XRP in a serious way.”

Conclusion

So that’s our lowdown on XRP, the Ripple cryptocurrency. We hope that we’ve shed some light on one of the more talked-about tokens and helped you to understand how and why it differs from the other cryptocurrencies out there!

A lot of cryptocurrencies are trying to disrupt the way we use and circulate money. Yet, XRP could potentially change inter-bank transactions – and the monetary system as we know it. Only time will tell how we adapt to the challenges thrown down by this technology.

Did we answer your question “what is XRP?” If you have other crypto questions, check out these links:

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What is Ripple XRP Coin?

September 11, 2017

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If you are an investor or interested in investing your money in near future, then I am sure that you have heard about the new digital currency called ripple coin. The ripple has been represented with its XRP symbol. As a new investor or an investor who does not have any information about ripple coin, you must get yourself familiar with this currency. This will help you to understand that what makes ripple coin so popular? Why is ripple growing so fast? What is the future of ripple and how you can buy them for the investment purpose? Other than just your main question “What is ripple coin?”

This article will also address many other questions related to this digital currency. This will help you to decide whether it is profitable to invest in ripple or not.

What is Ripple?

Ripple is an online protocol and digital currency which has been created to connect different disparate financial systems. This currency has been made by the Ripple lab which is still in its beta version. According to the people behind ripple coin, the main goal of this digital currency and open source payment system is to provide people a new way of exchanging money without worrying about the security of their money like paper currency, coins, credit cards, banks and other, similar financial insinuations which has been used as currency. The Ripple network has been called by two other different names; Ripple protocol and Ripple Transaction Protocol (RTXP)

The concept of Ripple coin has been introduced by its creator, Ryan Fugger, in 2004. Yes, it is older than Bitcoin and other digital currencies which are being famous now a day due to its growth in the market. The tag lines, goals and objectives of the Ripple lab have been changed the time to time. For example, on its launch in 2004, their main objective was to create an online monetary system for the individuals and companies to create their own money while in 2012 the company has introduced a new objective. According to their new objective, Ripple has been created to provide people a secure way to exchange money and do the financial transaction without worrying about the physical appearance of the currency etc.

Who is the inventor of Ripple coin?

The concept of Ripple coin has been introduced by Ryan Fugger in 2004 but the company has been founded by two investors named; Chris Larsen‎ and Jed McCaleb. The Ripple lab has been founded in 2012 after the work of many years. The concept of Ripple coin is older than other popular digital currencies like Bitcoin but it took the time to the founders to officially launch it. Today, Ripple has more than 200 employees which make it a small network of the digital currency but it is being spread all over the world due to its popularity.

What can you do with Ripple?

It is a digital currency. This means that you can use it in the same way as you use any other currency. Yes, it is true that it is not very familiar with paper currency or even Bitcoin but day by day, due to its growth, today Ripple coins are being accepted by many online shopping stores, banks, and other networks. The companies and banks do not prefer Ripple coin due to the very low fee charged by the company where it does not have any tax. Yes, it is a tax-free currency because it does not have any appearance due to which the government cannot charge any tax on it. Even if it does have any physical appearance, it is still difficult to change any tax because this currency has not been registered anywhere or labeled with any country’s currency.

While there are hundreds and thousands of companies who are accepting and using Ripple coins as their payment system but some of the popular names of the banks are Axis Bank, Cross River Bank, ReiseBank, UBS, Yes Bank, Yantra Financial Technologies and much more.

Is Ripple is same as Bitcoin?

Not completely, but in many ways, Ripple and Bitcoin work same. Like Bitcoin, Ripple is a digital currency which has been based on a mathematical formula. Both digital currencies can be used only through the internet and can be transferred from one account to other without intervening of any third party like Bank. But unlike Bitcoin, Ripple is a free-ish digital currency which means that they do not charge any money on your transactions like PayPal or Banks charge except they charge a fixed amount of ripple on per transaction.

Like Bitcoin, Ripple coin does not have any physical appearance and its market value has nothing to do with the business or GDP of a specific country’s business. The value of Ripple coin has been raised or get dropped only when the investors sold them or purchased in bulk.

Is Ripple rival of Bitcoin?

Not really because Ripple also provides a place for Bitcoin owners for trading and exchanging their coins into another form of the currencies. The Ripple lab has been created to convert any form of money into another form of currency including Bitcoin, Dollar, and Euro etc. So, in short, Ripple cannot be the rival of Bitcoin or any other digital currencies which are being traded in the online world. It will actually open new doors for the Bitcoin owners to bridge their coins in other currencies when they required.

Should you invest in Ripple?

Yes, why not? As you have noticed that since Bitcoins, the digital currencies are getting popular day by day. Today, the digital currencies have more monetary value than any other form of the currency. They are taxed free, accepted worldwide and can be exchanged in other forms of the currencies easily. The value of Ripple is being increased day by day. According to the news, the Ripple has been grown by 70% alone in 2017 which has increased value of its coin and allowed banks to accept it as a form of currency.

Is Ripple secure investment?

Ripple coins are one of the most secure forms of investment. You do not need to wait for the buyers to purchase your coins. You can sell them back to the company in case of high prices or you simply want to exchange your XRP into other currencies. At the same time, it is a risky form of investment because of its high demand but due to its risk factor, the return on Ripple investment is also much high as compared to other forms of investments.

Is it worth to buy Ripple?

The short and sweet answer of this question is yes because the value of Ripple coin is increasing on daily basis due to the popularity of other digital currencies like Bitcoin. Since 2012 to 2017 the price of Ripple has been increased smoothly where there is hardly any drop has been seen in its value.

How to Buy XRP?

Ripple has been partnered with so many individuals, banks and companies through which you can trade XRP. For trading and investing purpose, you can purchase Ripple coins through their website or their partners. They have mentioned the complete list of their approved partners on their websites in which you will see the name of formal banks and networks.

After reading this article, I am sure that you got all required information and details about Ripple coin and they are becoming famous and why you should invest in it to increase the value of your money without doing anything special.

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