What is ripple cryptocurrency?
Ripple is a technology that was released in 2012 by Chris Larsen and Jed McCaleb, which can act as a cryptocurrency as well as a digital payment network for transactions. The token used for the cryptocurrency, XRP is premined (i.e, was mined before the launch of the cryptocurrency).
To sum up, Ripple is the name of the company and the peer-to-peer network owned by it. While XRP serves as the cryptocurrency token. The token acts as a medium of exchange between two currencies or even networks.
Like most blockchains, Ripple is an open-source decentralised peer-to-peer network that facilitates hassle-free money transfer in any currency. Hence, it is also used by major banks.
What makes Ripple unique is that unlike conventional blockchains which use mining to verify transactions, Ripple relies on a consensus mechanism via bank-owned servers. This way, these transactions are eco-friendly, quick and cheap; however, bitcoin transactions are energy-intensive, slower and more expensive in comparison.
- Founders- Arthur Britto, David Schwartz, Ryan Fugger
- Developers- Ripple Labs Inc.
- Initial launch– 2012
- Stable launch– 0.0/ 15 may 2018
- Repository– com/ripple
- Programming language– C++
- OS- Server: Linux (RHEL, CentOS, Ubuntu), Windows, macOS
- Type- Real-time gross settlement, currency exchange, remittance
- Licence- ISC licence
Important Leftovers
- Ripple is a distributed ledger electronic payment infrastructure and technology
- It confirms transactions using a consensus process via a network of bank-owned computers.
- Ripple operations use fewer resources than bitcoin, are verified and executed in seconds, and have extremely low operating costs.
- It is one of the top five most significant cryptocurrency assets in terms of market valuation.
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