XRP has been the talk of the town ever since they struck a deal with the Montenegro government 🇲🇪 The Best Part: They're actually doing what they said they would do from the very beginning. Dive in to know their origin story 👇
, a blockchain protocol for payments across different networks connecting the ledgers of two or more banks, thereby removing intermediaries and central control from the system. Like the internet TCP/IP protocol, which allows different computers and systems to communicate, the interledger enables interconnected ledgers to communicate, reducing costs and the lengthy process of existing cross-border transactions.
Initially, the network included the Ripple Consensus Ledger, The Ripple Transaction Protocol, the Ripple Network and the XRP cryptocurrency used in the Ripple ledger — which later became the XRP Ledger. All these separate entities now converge in RippleNet, including all products and services facilitating global financial transactions.
The foundation also ensures that its list of trusted validators can create an efficient and dynamic ecosystem with simple governance and code management in an open-source environment in the true spirit of blockchain technology. There is often confusion between the XRP token and the Ripple ecosystem; however, these are two distinct entities. Ripple is the network used by banks to settle cross-border and remittance payments, and facilitates the exchange of fiat and digital currencies.
in December 2020 based on allegations that the company and its executives illegally sold XRP to investors without first registering it as a security.XRP is Ripple’s cryptocurrency token, which is used to transfer funds across borders at a low cost — trustlessly and instantly. Its primary use is to serve as a bridge currency to offer financial institutions a more cost-effective way to exchange both crypto and fiat currencies.
XRP transactions settle in seconds, enabling payments in local currency for both parties and allowing institutions to bridge currencies. Transactions are confirmed by a network of 150+ validators that may be rewarded a place in Ripple’s Unique Node List.
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