$XRP What is XRP?
XRP is a cryptocurrency created by the company Ripple Labs with the aim of facilitating fast, cost-effective, and secure international payments. Unlike many cryptocurrencies that operate on completely decentralized networks like Bitcoin or Ethereum, XRP operates on a more centralized system, focused on collaborating with traditional financial institutions such as banks and payment providers.
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Key Features of XRP
Speed: Transactions on the XRP Ledger network are confirmed in 3 to 5 seconds, much faster than Bitcoin or Ethereum.
Low Fees: Transaction fees are minimal, making it attractive for cross-border money transfers.
Scalability: XRP can process up to 1,500 transactions per second (tps), compared to Bitcoin's 7.
Energy Efficient: It does not use mining; it employs a unique consensus that consumes much less energy.
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Ripple vs. XRP
Although often used interchangeably, Ripple is the company, and XRP is the token used as a bridge for making transfers within the RippleNet system. This network is designed to connect banks, payment providers, and exchanges.
