Charts price for Ripple (XRP)

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Description of Ripple (XRP)

Ripple Origin

Release Date: 2012

The original authors of Ripple are Arthur Britto, David Schwartz, and Ryan Fugger. It was later driven to completion and made ready and driven to completion on a new Ripple system in 2011 the company’s CEO, Jed McCaleb.

Ripple Funcitonality

The primary purpose of Ripple was to eliminate Bitcoins reliance on centralized digital asset exchanges, as well as to consume less electricity as a digital currency. However, what’s truly interesting in terms of Ripple is that its protocol supports payments in crypto, fiat, as well as other goods.

A great deal of trust is bestowed in Ripple from the perspective of banks. Due to the fact that all of the transactions within the system are verified by network participants instead of through a traditional mining consensus as seen in BTC or ETH.

On the Rippple network, users can execute cryptographically baked transactions which are nominated in XRP. On the XRP network, two users need to be involved in order for a transaction to go through and be validated. Here’s where Ripple gets a lot of hate from decentralization fans. In order for a transaction to go through, a regulated financial institution needs to be involved on one end that holds a participant’s funds. Then, both users involved in the transaction need to specify whom they trust on the network as well as the amount to be sent.

There are 100 billion units of the XRP currency available, with no more to ever be released. Ripple cannot be duplicated, nor can transactions be falsified despite a regulated financial institutions involvement.