#XRPETF

What is the Ripple network and Ripple currency (XRP)?

Ripple

The (RipplePay) service was founded in 2004 by "Ryan Fugger", a web developer based in Vancouver, who envisioned it as a financial network for direct transactions between parties that would challenge existing banking institutions. Before the emergence of Bitcoin (the first major digital currency), the (RipplePay) service aimed to facilitate secure global payments and empower individuals and communities to develop their own virtual currencies.

Later, in 2011, Bitcoin pioneer and founder of the (Mt. Gox) exchange, "Jed McCaleb", along with "Chris Larsen", reached out to "Fugger" with the idea of transforming (RipplePay) into a digital currency system based on the consensus of network members.

They introduced Ripple currency (XRP) as an alternative to Bitcoin, to address the energy-intensive nature of Bitcoin mining. This system combines (Cobalt), which provides a secure way for everyone to reach consensus even if some parts fail, and the consensus algorithm of the Ripple network protocol, which is specifically designed for quick and reliable agreements.

While Ripple currency (XRP) also uses the XRP ledger to store transaction details, the payment network does not use mining to validate and record new transactions. Instead, it does so to maintain a record of transactions and reach consensus quickly, as the XRP ledger requires a reliable validation node.