About XRP (XRP)weiss-badge

Overview


XRP is the security token or cryptocurrency used by the Ripple payments platform. Ripple is a popular peer-to-peer blockchain-based platform that allows for fast, anonymous and direct payments between peers. The Ripple protocol is widely used in RTGS, exchange and money transfers across the internet.


With a current market cap of $28.30 billion and a popularity ranking of 7, Ripple stands as one of the world's fastest-growing cryptocurrency platforms.


Team


The Ripple coin was first created by Ryan Fugger, a web developer from Vancouver, B.C, Canada in the year 2004. The Ripple payment platform started the development of payment operations in 2005 and this led to the eventual development of a new digital currency system in the year 2011 with the launch of Ripple's XRP token. Ripple Labs is the official trading name of Ripple and the XRP currency.


History


Ripple platform was designed to be a better alternative to Bitcoin in terms of electricity consumed, decentralized exchanges and faster transactions. The platform currently supports payment in different formats such as fiat currencies, cryptocurrencies, goods, as well as digital assets like flight passenger miles or mobile minutes.


Instead of mining, the XRP virtual currency is issued by a consensus of network participants, and are hence considered to be a more stable and trustable entity compared to Bitcoin. This means that the electricity used is comparatively insignificant, and comparatively more environmentally friendly.


XRP and Ripple have been in legal trouble for most of their existence. Most recently, an American governmental arm, the Securities and Exchange Commission (SEC), alleged that Ripple was issuing an unregistered securities offering, and therefore should be under the jurisdiction of the SEC. If this is found to be true, then according to American securities law, Ripple should be following the SEC rules. Following the initiation of the SEC lawsuit, it was common to find that a currency exchange had "delisted" XRP (taken it off the list of available coins).


As stated above, XRP is not mined like Bitcoin and is issued by a central company, Ripple Labs. This, in the SEC's eyes, seems to make it more like an unregistered security than a cryptocurrency. The case is still ongoing [written 16/04/2021], so it remains to be seen how this case will play out in the legal arena.


Technology


Like every other cryptocurrency out there, Ripple and the XRP coin are also based on blockchain technology. Ripple makes use of an openly shared ledger where every user can participate and maintain consensus to validate secure payments and exchanges through a distributed process.


All transactions are carried out using encrypted and signed deals that are backed by a fiat currency or the Ripple XRP. For payments that deal with other types of assets, the Ripple ledger is used only to hold the records with details of the amount owed in terms of debt obligations.


For every deal over Ripple, the following entities are required:



  • A properly regulated financial institution

  • A hedge foundation or a currency trading desk


The Ripple system needs to establish trust-based relations for a transaction to take place. If it cannot find such direct relations between the users, it searches for additional participating elements.


As the system makes use of a common consensus to mine new XRP currencies, it eliminates the need for centralized exchanges as is required by Bitcoin.


The XRP cryptocurrency is made up of one million individual units called drops. There are a total of 100 billion XRP issued during the initial launch of Ripple and there will be no more issues due to the inherent restrictions placed by the Ripple protocols.


Uses and Applications


As mentioned earlier, Ripple majorly deals with online peer-to peer transactions and can make use of both fiat currencies, XRP, and any other tradable digital asset.


XRP can be essentially used as a bridge currency for facilitating cross-border payments without the interference of banks, payment gateways and any other financial institution.


Some of the advantages of Ripple over other crypto asset platforms are:



  • Ripple is made up of fixed rules and protocols that can never be altered and is hence more reliable and secure, compared to ever-evolving protocols.

  • All payments made on Ripple are direct and peer to peer transactions and allow no room for any third party or intermediary to interfere.

  • Ripple destroys a tiny amount of XRP for each transaction and thus prevents spammers from taking advantage of the system. The more transactions you make, the more XRP you will be losing, although it is quite a negligible amount for a regular transaction.

  • Ripple also employs a reserve system that requires a set amount of coins to perform any operation that demands network resources. Thus this feature helps to preserve the security of the system and discourages spammers to overload the network.


The Ripple entities, XRP and the XRP ledger, cannot be owned by a single entity and they exist independently. And anyone can use it to make online transactions. XRP can be purchased right here on BitPrime.


Future Focus


Ripple currently holds the seventh position as one of the world's popular cryptocurrency platforms and has a market cap of around $26 billion. There are around 45 billion XRP in use and this amounts to about 45% of the total amount of XRP issued. As the XRP amount is finite, it can be expected to have a good growth value. All of the 100bn XRP were issued ahead of Ripple's launch and can be bought from the open market.


The highest value ever reached by the XRP was $2.28USD in the year 2018. Currently, the value of an XRP is around $1.6858 [as of 16/04/2021]. Several predictions put the value of Ripple XRP to grow gradually and reach around $5.32 by 2025. Ripple has actually been performing low since 2020, but has risen dramatically since the end of March 2021.


The jury is out on long term predictions, as the crypto market is subject to various disparities and differing highs and lows.


For further information, please go to Ripple's official website.


A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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