Before we delve into the world of XRP and its applications, it is worth understanding the background behind the cryptocurrency. To begin with, XRP was developed in 2011 by Ripple Labs, a company that focuses on establishing secure payment methods over its blockchain through an open network called “Ripple”.
The Ripple network consists of three major components which are XRP, Ripplenet, and the XRP ledger. XRP is ripple’s native cryptocurrency that functions on a digital payment platform known as RippleNet. RippleNet, on the other hand, runs on the XRP ledger, a distributed ledger database that is quite different from the traditional blockchain distributed ledger technology employed in many other cryptocurrencies.
In this post, we will focus on the cryptocurrency XRP, its applications, and other important details. So, let’s get right into it. what exactly is XRP?
XRP is a digital currency designed to be used by financial institutions as a medium of exchange for goods and services. It is built upon blockchain technology to provide security with low transaction fees for digital transactions.
The goal of XRP was to help facilitate cross-border payments between financial institutions by making them quicker and cheaper. As of now, it can handle over 1000 transactions per second (TPS) unlike Bitcoin which can only handle about 7 TPS. XRP does not need mining as Bitcoin does, so transaction fees are costly but negligible at .00001.
XRP has enjoyed an enormous growth rate since 2017, smashing its way to 3rd place on the charts as one of the most valuable cryptocurrencies around at present.
Who are the founders of XRP?
XRP is the brainchild of Jed McCaleb, Chris Larsen, and Arthur Britto. McCaleb and Larsen are software developers who have given birth to successful companies in the past, such as eDonkey and Prosper. Arthur Britto is a Brazilian entrepreneur, computer scientist, and engineer.
Here is the complete list of the founders.
* Chris Larsen – co-founder and chief executive officer of Ripple as well as co-founder of OpenCoin Inc.
* Brad Garlinghouse – Co-founder and CEO of Ripple
* Andy Milenius – Chief Cryptographer at Ripple Labs
* Ryan Fugger – an American mathematician
* David Schwartz – Chief Cryptographer at Ripple Labs
* Jed McCaleb – a computer programmer and entrepreneur from California in the United States.
* Arthur Britto – Computer science and Entrepreneur
Some important events that were shared by the founders of XRP include: – Coinbase CEO Brian Armstrong providing insight into why he turned down an offer to buy Ripple from McCaleb for $600 million in 2011.
What is XRP used for?
XRP has grown to become one of the top digital currencies in the world. As such, it has so many advantages over many other cryptocurrencies and traditional money transfers such as Western Union or Moneygram. Here are some examples of how XRP may be used in everyday life.
* Low fees – The transaction fees in Western Union and other traditional methods are very expensive and can get up to 5% of the amount you send.
* Transfer money instantly. You can transfer the money, pay the company or individual you sent it to, and receive your money by just waiting a few seconds on average (depends on your current internet connection) instead of days like normal transfer systems do via banks for regular payments.
* Privacy – Your payments are anonymous if you want them to be. The transactions are visible to everyone in the network but they don’t contain any personally identifiable information like names or account numbers.
* Perfect for remittances since it’s much faster and cheaper than wire transfers.
* Transactions are super-fast with XRP- 3-5 seconds on average. Bitcoin takes 10 minutes which is way too long for everyday use like sending money around the world.
What Is the unique point of XRP?
XRP is not just your average altcoin. Its creators and developers opted to focus on the needs of both businesses and individuals, which set it apart from other cryptocurrencies.
XRP stands out because it is used for cross-border payments, with lower fees than its competitors and faster transactions. The currency is backed by a system that uses miners to verify transactions. This design gives power to individuals instead of corporations.
It also has a built-in mechanism to pay transaction fees using its own currency (XRP). This allows transactions to be completed much more quickly than competing cryptocurrencies like Bitcoin or Ethereum, thanks to reduced processing times for transactions with higher transaction fees.
However, Ripple has met some obstacles in its spread across the business world as big banks do not want to incorporate it into their systems due to this decentralization.
How many XRP are there in circulation?
There are 6.7 billion Ripple (XRP) on the market right now and the total number of coins that can ever be released is capped at 20 billion.
The latest news from Ripple’s CEO, Brad Garlinghouse, was that there would only be 16 billion more XRP created after which time they will start a transition to a new coin called “Reverse XRP” Just like how Ethereum started with Ether but then transitioned to Gas.
Is the XRP Network Secured?
The XRP is secured using its blockchain (XRP ledger) security protocol. The first thing to know about the XRP ledger is that it does not house any sensitive user information. It alone is responsible for storing all of the accounts, addresses, balances, and transactions on the network.
No personal information or account details are stored on the ledger. Meaning that should your computer get hacked or your internet connection is severed for an extended duration of time, your private key will not be compromised by any outside forces because there is no private information on the XRP ledger to compromise in the first place.
Also, the XRP ledger requires each node in the network to approve each transaction. This means that every single transaction must be verified by at least 20 nodes before it can be considered valid. These 20 nodes are selected by Ripple (the company) and they are not publicly known.
How Do I Buy XRP?
To purchase Ripple (XRP) you must first create an account with an exchange. These exchanges allow for the transfer of fiat currency, such as USD or EUR, into digital currency. This conversion can usually be done by using either a wire transfer or using one of these platforms’ debit/credit card options.
Once you have purchased XRP with your fiat currency, it will be stored in your account’s wallet and you can then use it for payment transactions or other functions such as investment or trading. It is advisable to keep ready-to-use assets in exchanges to avoid cases of theft or hacking.
Which Cryptocurrency Wallet Supports Ripple (XRP)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as XRP coins. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Ripple wallet as it offers a simple and interactive interface, making it easy to navigate its system.