XRP is a digital currency created by Ripple Labs Inc. It's designed to facilitate fast and low-cost international money transfers. Here's a breakdown:
Key Features:
Purpose: XRP is primarily used as a bridge currency in Ripple's payment network to help move value across borders quickly and cheaply.
Speed: Transactions settle in 3-5 seconds, much faster than Bitcoin or Ethereum.
Scalability: Can handle 1,500+ transactions per second.
Energy Efficient: Doesn't use proof-of-work (like Bitcoin), so it's less energy-intensive.
Ripple vs. XRP:
Ripple Labs: The company that developed the Ripple payment protocol and holds a large amount of XRP.
XRP: The cryptocurrency itself, which exists independently of the company, though Ripple plays a central role in its ecosystem.
Use Cases:
Banks and financial institutions use RippleNet (Ripple's network) and XRP for liquidity and cross-border payments.
Some individuals also hold XRP as a speculative investment.
Let me know if you want details on how XRP compares to Bitcoin or other cryptocurrencies.
