XRP is a digital currency that is hosted on the Ripple Net network. Unlike other cryptocurrencies on the market, XRP is specifically designed to be used for cross-border payments/transfers.
XRP is a centralized and private blockchain as XRP cannot be mined or verified in the traditional sense. Only banks or certain entities can verify the transactions, thus there are only some groups of people who control the account and release the token.
Who are the founders of XRP?
XRP is a cryptocurrency created by Ripple Labs, founded by Jed McCaleb. (He is also the founder of Stellar Coin)
Purpose of XRP
XRP is a digital asset created for cross-border payments/transfers and have assets on the public ledger by running the system on the network decentralized that can guarantee payment within 3-5 seconds.
Key Metrics
|
Ticker |
XRP |
|
Token Name |
Ripple |
|
Token Type/Protocol |
XRP Ledger Consensus |
|
Total Token Supply |
99,987,224,458 XRP |
|
Current Circulating Supply |
See Coinmarketcap |
|
Market Capitalization |
See Coinmarketcap |
|
Token Creation Date |
2012 |
|
Can it be mined? |
No |
Insights
- Ripple transactions are fast due to the absence of Proof of work and Proof of stake. Banks and some entities verify the transaction, making it faster compared to other traditional payment methods of cryptocurrencies.
- XRP doesn’t have any validator and can only be validated by banks or some specific entities affecting the reliability of the token.
Official Website: https://xrpl.org/
Whitepaper: https://ripple.com/files/ripple_consensus_whitepaper.pdf
Note
Cryptocurrency and digital tokens are high risk. You may lose the entire investment amount. Please study and invest appropriately with your acceptable risk level.
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