RIPPLE & XRP
The future of crypto transactions.
RIPPLE AND XRP
Ripple and XRP are often equated with two different names, but Ripple represents the company behind XRP and XRP-Ledger, while Ripple is also working on the development of sophisticated financial systems with the aim of developing more efficient and cost-effective ways to conduct cross-border transactions. To learn the concept of XRP and Ripple, we will provide answers to some of the most frequently asked questions about XRP.
HOW IS IT USED
XRP can be used for transactions in seconds and under one of the lowest transaction fees on the market. Anyone can purchase XRP, while the maximum supply for Ripple’s XRP is set at 100 billion units, all minted simultaneously before sales for XRP opened during the initial ICO in 2012.
XRP is an independent asset with an open-source code that represents the original token on Ripple’s ledger. At the same time, Ripple is striving to convince banks and financial institutions to accept XRP and Ripple’s funding system as a means to process transactions quickly and cheaply, in which case XRP would present itself as an intermediate for monetary value.
XRP cannot be mined, which is one of the reasons why decentralization as a feature of the XRP ledger has long been viewed as speculation. Instead of employing miners to use computing power to solve mathematical equations to validate transactions, avoid double-spending and support block generation, XRP has validators.
Validators are presented via computers that act as support for the network, while official and trusted validators are able to validate transactions in a matter of seconds.
So XRP is able to complete over 1500 transactions in a few moments. It typically takes 4 to 7 seconds for an XRP transaction to be processed.
DECENTRALIZATION
Yes, XRP represents a decentralized facility that operates independently from the Ripple company, although Ripple is behind the development of XRP. XRP-Ledger might be the most controlled network out there, but validators support the idea of decentralization as validators can be a bank, a company, or backed by Ripple’s own computers.
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