XRP (cryptocurrency)
XRP Ledger or simply XRP (formerly known as Ripple)[1][2][3] is a free software project and a payment protocol that aims to develop a credit system based on the "peer-to-peer" paradigm. Each node in the network functions as a local exchange system, such that the entirety of the system forms a decentralized mutual bank. Some believe that if fully implemented, this network would constitute a decentralized social network service based on honor and trust among its participants globally (thus, its financial capital is supported by social capital). A reduced version of the network would consist of an extension of the traditional banking system in which there would be alternative payment routes that would not depend on central banks.
The XRP Ledger project (at that time known as "Ripple" [1] was launched by the company Ripple Labs, Inc., founded by Chris Larsen and Jed McCaleb in the United States in 2012.[4][5] In August 2015, Ripple received the Technology Pioneer award from the World Economic Forum.[6]
At that time, the tokens of the system were known as "ripple credits" or "ripples".[
Name and logo change
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According to the XRP developer help portal, in May 2018 the community chose the name "XRP" for the cryptocurrency to differentiate it from the company that created it. On June 13, a new logo for the asset was announced as a result of two rounds of voting.[1] On May 31, 2018, the news portal News.Bitcoin.com published an article describing the efforts of the XRP community to ensure proper differentiation between the "Ripple" brand and the cryptocurrency.[3] On July 9, 2018, Ripple Labs published an infographic on its website clarifying the differences, characteristics, and relationship between the company and the cryptocurrency.
Context
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Modern monetary systems
