$XRP ❄️What is Ripple (XRP)?
Ripple Labs is a financial technology company based in the United States, founded in 2012, that seeks to improve cross-border payment systems and interbank payments, making them faster, cheaper, and more secure thanks to XRP.
The company seeks to reach banking and remittance markets by offering solutions based on its blockchain technology.
The Ripple protocol allows two interested parties to do business and contact a third party or agent to facilitate transactions. It checks the entire Ripple network and tries to create a chain of trust that will be used in each transaction.
The history of Ripple
The history of Ripple begins long before the creation of Ripple Labs in 2012. The initial concept dates back to 2004 with RipplePay, a peer-to-peer payment system created by Ryan Fugger, a Canadian developer. Its goal was to create a decentralized financial network that would allow individuals to create their own currency.
Ripple labs xrp
In 2011, Jed McCaleb, who had previously founded Mt. Gox (one of the first Bitcoin exchange platforms), began developing a new digital consensus system to improve Bitcoin by eliminating its dependence on energy-intensive mining. He recruited Chris Larsen, and together they approached Ryan Fugger to redirect his project.
In 2012, Fugger relinquished control of RipplePay, and OpenCoin was founded. The company quickly attracted venture capital investments from Andreessen Horowitz, Google Ventures, and others. In 2013, the company was renamed Ripple Labs, and the Ripple protocol was officially launched.
Later, in 2015, the company was fined $700,000 by FinCEN for violating banking regulations, leading to a restructuring and strengthening of compliance. Since then, Ripple has continued to develop its technology and establish partnerships with financial institutions worldwide. Who is the creator of Ripple?
Although the original idea of the Ripple system is attributed to Ryan Fugger, the true architects of the modern version of Ripple and XRP are Chris Larsen and Jed McCaleb.
