XRP is the native cryptocurrency of the XRP Ledger $XRP , an open-source, decentralized blockchain designed for fast and low-cost transactions. It was created by Ripple Labs to facilitate cross-border payments and remittances. Unlike Bitcoin and Ethereum, XRP does not rely on proof-of-work or proof-of-stake; instead, it uses a unique consensus protocol among validators to confirm transactions, making it significantly faster and more energy-efficient.
Key Features of XRP:
Fast Transactions: Settles in 3-5 seconds.
Low Fees: Transaction costs are typically fractions of a cent.
Scalability: Can handle 1,500 transactions per second (TPS).
Decentralized Network: Uses a network of validators rather than mining.
Designed for Payments: Often used for cross-border transfers and liquidity in financial institutions.
XRP vs. Ripple
Many confuse XRP with Ripple, but they are separate entities:
XRP: The cryptocurrency.
XRP Ledger (XRPL): The blockchain network.
Ripple (formerly Ripple Labs): The company that develops payment solutions using XRP but does not control it.
