Ripple (XRP)
What is Ripple?
Ripple was created by: two programmers Arthur Britto and Jed McCaleb and cryptographer David Schwartz. The main author of the concept was a programmer from Canada – Ryan Fugger. In 2004, he became interested in the idea of building a payment systеm that would be decentralized. Already in 2005, the first of this systеm, RipplePay.com, was launched, but it did not achieve much popularity.
In 2011, Fugger handed over part of the company to Jed McCaleb, who in turn brought in David Schwartz to the project. In 2012, McCaleb founded OpenCoin and hired entrepreneur Chris Larsen to be the CEO. In 2013, the company changed its to Ripple Labs. Today, Brad Garlinghouse is the CEO of the company. He took over the post after Chris Larsen. McCaleb left the Ripple Labs project in 2014 and created his own – Stellar.
Ripple is powered by the decentralized XRP Ledger Network (XRPL). One of its main advantages is its high speed (approximate average block creation time is 3-4 seconds) and very low transaction fees. XRP Ledger is well suited for in-app microtransactions, NFTs, and DeFi usage. Also, in XRPL, you can turn familiar assets (for example, fiat money or securities) into tokens.
Ripple has a separate consensus algorithm, the XRP Ledger Consensus Protocol. The purpose of its creation was to improve or rеplace SWIFT.
This purpose-specific cryptocurrency works a little differently than other digital currencies. Instead of traditional blockchain mining based on calculations, which is absent here, XRP uses a consensus mechanism passing through a group of servers to confirm transactions. The Ripple crypto has already, so to speak, been mined in advance. Initially, 100 billion XRP tokens were created and they can only be bought as they are published. Ripple owns about 6% of XRP coins, approximately 46 billion coins are held by users who bought them, another 48 billion XRP are in reserve.
Ripple Mining
There is bad news for those who want to mine Ripple. It cannot be mined. The main reason is that all tokens were issued by the creators of this cryptocurrency and new ones are not generated.
How to buy Ripple?
You can buy Ripple through a crypto exchange such as Leoexchanger, or on a crypto exchange, for example WhiteBit.
What can you do with Ripple?
XRP can be used as a means of payment. There are a large number of services and goods on the Internet that can be bought with XRP. Also, it can be used as a means of sending money to other countries.
Ripple is a volatile currency and there is an opportunity to earn on trading XRP.
XRP price dynamics (USD)
As of August 2022, 1 XRP is worth approximately $0.38. The total market capitalization is $18,711,711,928.
The price movement chart is shown below:
How to store Ripple?
The main storage options for XRP are crypto exchanges and crypto wallets. If you are an active trader, it will be most convenient to store it on a crypto exchange. In the case when you do not need constant and quick access to your cryptocurrency, we advise you to choose a crypto wallet.
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