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All you need to know about Ripple Network and its crypto XRP

All you need to know about Ripple Network and its crypto XRP
Written by publisher team

Ripple was created in 2012 by Chris Larsen and Jed McCaleb as a blockchain-based digital money transfer network for the needs of financial transactions. The following are the distinctive features and objectives of the Ripple network:

  • Ripple works on an open source and peer-to-peer decentralized platform that helps to easily convert different forms of fiat money, whether it is in pounds, dollars, rupees or cryptocurrencies, such as ether or Bitcoin.
  • Its services include being a medium of exchange, settling international payments and remittance system.
  • The Ripple protocol was primarily developed to ensure safe, instant and almost free global financial transactions regardless of the amount without any chargebacks.

Most importantly, the Ripple network has a native cryptocurrency XRP, which was developed to operate and service the various facilities on the Ripple network. XRP was launched in 2012 only with 100 billion tokens, of which 80 billion went to the company and 20 billion to its co-founders.
The XRP and Ripple networks work in tandem to enable the exchange of different currencies, including fiat money and popular cryptocurrencies.
A look at how XRP works on the Ripple network and its advantages as a cryptocurrency:

  • XRP, is pre-designed and serves as an intermediary mechanism for exchange between two currencies or networks.
  • XRP is generated in a less complicated way of mining compared to Bitcoin.
    • XRP facilitates rapid conversion between different currencies on the Ripple network for its multiple clients from major banks to financial services.
  • The Ripple network does not operate on a Proof of Work (PoW) or Proof of Stake (PoS) mechanism.
    • Instead, it uses a consensus mechanism distributed across a set of bank-owned servers to confirm transactions and account balances on the network.
    • This consensus improves the integrity of the system by preventing double spending.
  • Ripple transactions are very energy efficient and much cheaper than Bitcoin.
    • The transaction cost on Ripple is as low as 0.00001 XRP for cross-border payments against the huge fees charged by banks.
  • Transactions with XRP take place within seconds compared to the many minutes it takes for Bitcoin.
  • XRP plays the role of a bridge that makes it easier to exchange one currency for another, whether it is fiat currency or cryptocurrency.
  • Unlike a total limited Bitcoin stock of 21 million coins, smart contract control Ripple issues a maximum of 1 billion XRP of tokens each month. This makes it easily available for purchase to users.

The cryptocurrency Ripple (XRP) is useful for buying and investing for these reasons besides being the eighth among all cryptocurrencies.
Cryptocurrency exchange ZebPay provides secure and convenient ways to buy, send and trade XRP tokens.
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