Ripple was co-founded by Chris Larsen and Jed McCaleb in 2012 as Opencoin. Settlements on the XRP Ledger happen in 3.90 seconds and have extremely low transaction fees of less than $0.00020.
It also boasts a far more energy-efficient operation than leading Proof-of-Work blockchains, giving it one more distinct advantage when it comes to mainstream adoption.
XRP boasts a 1,500 TPS and has the ability to match payments leader Visa in terms of throughput. XRP has a far higher throughput than several of its peers, including Bitcoin, Ethereum, and Litecoin, making it one of the most attractive options for mainstream financial institutions to turn to when enabling blockchain-based global payment transfers. The company itself runs six of them, accounting for 16% of validators. According to Ripple’s official website, as of April 2022, the XRP Ledger has 36 validators. New blocks within the XRPL get created every 3-5 seconds - the time taken to confirm a new set of transactions. Once a validator checks and validates a transaction, it gets added to the public ledger as a new block. Ripple’s blockchain, the XRP Ledger (XRPL), uses validator nodes within the network to perform consensus operations and verify all transactions taking place. You can learn more about Ripple (XRP) at our KuCoin Blog. As one of the largest cryptos based on market cap, it is one of the most popular digital assets to invest in among crypto traders. The XRP is also one of the top 10 cryptocurrencies by market cap. The XRPL uses the power of the decentralized ledger to enable cheaper and more scalable payment transfers across the world. Its unique technology also makes it a great way to enable cross-border remittances or transactions that require the conversion of one fiat currency into another. The XRP token serves as a convenient method for users and organizations to transfer payments all around the world using the RippleNet ODL service in a decentralized manner. Its open-source and permissionless design can process XRP transactions within five seconds. The XRP Ledger (XRPL) is Ripple’s very own public blockchain network. The company leverages the power of blockchain technology and the XRP cryptocurrency via RippleNet’s On Demand Liquidity service to drive financial inclusion the world over. Ripple’s offering RippleNet enables mainstream financial institutions around the world to build and operate highly efficient payment systems using the power of blockchain technology. The underlying blockchain infrastructure that supports Ripple is called the XRP Ledger while XRP is the network’s native asset. Ripple is an open-source platform that can be used by developers to create applications for global payments and remittances.
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