Ripple (XRP) Explained in 60 Seconds
Ripple is a strange cryptocurrency with a somewhat centralized blockchain, which has caused some to claim Ripple isn’t a “real” cryptocurrency. But I digress. So the question on your mind is, what exactly is Ripple, and where did it come from?
Jed McCaleb, a UC Berkeley dropout and serial entrepreneur, came up with the concept for Ripple in 2011 and founded OpenCoin in 2012, now known as Ripple Labs.
Ripple was envisioned as a digital currency that would aim to be the world’s first frictionless and truly global payment network. It utilizes blockchain technology to provide a secure, fast, and cheap way of sending money anywhere in the world. The company behind Ripple, Ripple Labs Inc., has created an open-source protocol called RippleNet, which can be integrated with existing financial institutions. This allows banks and other large financial institutions to use blockchain technology without having to build their own infrastructure from scratch. In addition, it uses XRP as its native token, which can be used for transactions on the network or converted into fiat currencies.
Ripple (XRP) is ideal for international payments, provided its security features can meet that challenge. Since the cryptocurrency was introduced in 2012, banks have started looking into it as a possible replacement for the existing SWIFT system, which has been facilitating financial transactions for decades now.
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