$XRP
XRP is a digital asset and cryptocurrency developed by Ripple Labs Inc. It is designed to facilitate fast, low-cost cross-border payments and financial transactions. Unlike Bitcoin and many other cryptocurrencies, XRP does not rely on mining; instead, transactions are validated through a unique consensus mechanism using the XRP Ledger (XRPL).
Key Features of XRP:
Fast Transactions: Settles transactions in 3-5 seconds.
Low Fees: Transaction costs are typically fractions of a cent.
Scalability: Can handle 1,500 transactions per second (TPS).
Energy Efficient: No mining required, reducing environmental impact.
Bridge Currency: XRP is often used as a bridge between different fiat currencies in international payments.
Use Cases:
Cross-Border Payments: Banks and financial institutions use RippleNet to process international transactions efficiently.
Liquidity Provision: Used by financial institutions for on-demand liquidity (ODL).
Retail Payments & Remittances: Some companies integrate XRP for faster payments.
XRP vs. Ripple:
XRP: The cryptocurrency.
Ripple: The company that develops XRP-related solutions and maintains the XRP Ledger.
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