$XRP
XRP is a digital asset and cryptocurrency designed for fast, low-cost cross-border payments. Unlike Bitcoin or Ethereum, which rely on mining, XRP operates on a unique consensus ledger and is closely associated with **Ripple**, a fintech company focused on improving global financial transactions.
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## **1. Key Features of XRP**
| **Attribute** | **Details** |
|---------------------|------------|
| **Symbol** | XRP |
| **Blockchain** | XRP Ledger (XRPL) |
| **Consensus Mechanism** | Federated Byzantine Agreement (FBA) – No mining required |
| **Total Supply** | 100 billion XRP (pre-mined) |
| **Circulating Supply** | ~55 billion XRP (as of 2024) |
| **Transaction Speed** | ~3-5 seconds |
| **Transaction Cost** | ~$0.0002 per transaction |
| **Founding Company** | Ripple Labs (2012) |
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## **2. Purpose & Use Cases**
XRP was created to facilitate **fast, low-cost international money transfers**, particularly for banks and financial institutions.
### **Primary Use Cases:**
✅ **Cross-Border Payments** – Used by banks and payment providers (e.g., Santander, MoneyGram).
✅ **Liquidity Bridge** – Helps financial institutions avoid pre-funded accounts in foreign currencies.
✅ **Micropayments & Remittances** – Low fees make it ideal for small transactions.
✅ **Decentralized Finance (DeFi)** – Used in XRP-based lending and trading platforms.
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## **3. How XRP Works**
- **XRP Ledger (XRPL)**: A decentralized blockchain that validates transactions via **validator nodes** (not miners).
- **Consensus Protocol**: Unlike Proof-of-Work (PoW) or Proof-of-Stake (PoS), XRPL uses **Federated Byzantine Agreement (FBA)**, making it faster and more energy-efficient.
- **RippleNet**: A payment network used by banks, powered by XRP for liquidity.