Hello everyone, I am Eleven. Today we are going to learn about Ripple XRP!
So what is Ripple?
Ripple, also known as XRP, is a cryptocurrency developed by the U.S. technology company Ripple Labs in 2011. It has issued 100 billion coins. Its goal is to serve as a bridge between traditional enterprises and cryptocurrency exchanges, to become a medium for exchange between various currencies, and to realize the vision of free conversion between legal currency and cryptocurrency.
Ripple is a digital currency created in 2004 by Ryan Fuger, a Vancouver-based software developer. In 2012, Ryan handed control of XRP to Jed McCaleb and Chris Larsen, who founded OpenCoin with Arthur Britto.
XRP can process transactions in seconds and can also handle higher volumes compared to Bitcoin.
Functions of Ripple: 1. Two-way circulation of real and virtual currencies 2. P2P exchange and payment of multiple currencies
What is the difference between Ripple and Bitcoin?
Many people think that Ripple and Bitcoin are the same currency. Here is a reminder that there is actually one major difference between XRP and Bitcoin.
Bitcoin is just a currency that can be used for shopping. Ripple, on the other hand, is a payment ecosystem that also has its own XRP currency.
In short, Ripple aims to be a faster, cheaper, and more secure version of SWIFT.
Another significant difference between Ripple and Bitcoin is their functionality and the systems they are built on.
While Bitcoin is built on a blockchain, XRP uses a distributed ledger consensus through its network of servers used for validation. The XRP token also plays an important role in the validation process.
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