Category: Ripple

Ripple is the name of a company and is also a real-time payment system that has a network of currency exchange and transit.

Ripple was first conceived in 2004 by Ryan Fugger, who developed the first prototype of Ripple as a decentralized digital currency system (RipplePay).

This system was put into operation in 2005 with the goal of providing multiple secure payment solutions in a global network.

In 2012, Fugger handed over the project to Jed McCaleb and Chris Larsen, and together they founded a US-based OpenCoin technology company.

From that point on, Ripple also started to be built as a protocol focused on payment solutions for many banks and financial institutions. By 2013, OpenCoin had changed its name to Ripple Labs; and in 2015 the company was officially called Ripple. In 2012, Fugger handed over the project to Jed McCaleb and Chris Larsen, and together they founded a US-based OpenCoin technology company.

From that point on, Ripple also started to be built as a protocol focused on payment solutions for many banks and financial institutions. By 2013, OpenCoin had changed its name to Ripple Labs; and in 2015 the company was officially named Ripple.

XRP Coins

XRP (or Ripple coin) is a real-time payment system (RTGS). They are also known as Ripple Transaction Protocol (RTXP) or Ripple protocol.

Ripple network was born in 2012 with the aim of making it possible for everyone to use the services of financial institutions, banks and Paypal, with an extremely low cost but with fast processing speed. more quickly.

What is the usage of XRP? It is using the algorithmic technology of Blockchain, similar to: Bitcoin, to help settle financial transactions between banks faster and more efficiently.

History of XRP

An interesting little-known thing about Ripple is that the project is older than Bitcoin. It was started in 2004, with the creator Ryan Fugger, who developed the first prototype of Ripple as a decentralized digital currency system (RipplePay). This system also came into operation in 2005 with the goal of providing secure payment solutions in a global network.

Then in 2012, Jed McCaleb, Arthur Britto and David Schwartz joined and implemented Ryan’s idea through a company called OpenCoin, along with pretty much the same functionality as Blockchain. From that point on, Ripple started to be built as a protocol focused on payment solutions for banks and various financial institutions. In 2013, OpenCoin was renamed to Ripple Labs, then renamed to Ripple in 2015.

Benefits of XRP

XRP has really fast transaction times, a transaction now only takes about 4 seconds to be processed. XRP has extremely cheap transaction fees, around 0.00001 USD per transaction. Ripple cooperates with more than 100 banks including a few large banks such as Bank of America, UBS, JP Morgan, Standard Chartered, Barclays, Santander with American Express. The XRP blockchain adds transparency and security to transactions by adding each transaction to an unaltered public ledger. XRP transactions will be completely peer-to-peer.

Applications of XRP

As mentioned in the above section, what is the goal of XRP? It is to become the payment system in the world, helping you to solve the money transfer time problems of many banks.

With this purchase, the future of XRP will depend almost entirely on whether banks adopt the Ripple network or not. Fortunately, this is already happening and more and more major banks around the world are joining this community.