XRP is the digital currency issued and partly managed by Ripple Inc. The payment solutions company also operates the RippleNet cross-border payment network.
And Ripple started selling XRP in 2012, though the company turned its attention away from the digital currency and its cross-border payment network in recent years.
How does Ripple Work?
- Unlike Bitcoin and Ethereum, Ripple does not refer to the blockchain network with the native cryptocurrency asset.
- Also, Ripple the company history of reframing how XRP fits into its business model. And the first embracing it as the fuel that powers its cross-border payments technology.
- Then set it to the side as it focused on xCurrent, xRapid, and xVia – still other payment networks for cheaper and faster international payments.
- In late 2019, xCurrent, xRapid, and xVia were rebranding to RippleNet, a payment network focussed on quick, cross-border transfers between financial institutions.
- In addition to RippleNet, Ripple also oversees the XRP Ledger, the blockchain-like network that facilitates payments in XRP.
- And the digital currency issued by Ripple. Like other cryptocurrencies, it can send and from the digital wallet irrespective of international borders.
- When it launched in 2012, Ripple marketed XRP as a faster, cheaper alternative to bitcoin because transactions settle in seconds; XRP’s.
- Also, the network can achieve this speed because its infrastructure is centralized and did not utilize proof of work, the consensus algorithm use Bitcoin to process transactions.
Where can we Spend Ripple’s XRP?
- Ripple never designs the currency and method of payment. However, there is a small list of merchants which accept payment in XRP tokens online.
- For example, we can buy honey, hot sauces, and jewelry. We can find a list of vendors that are supposedly willing the accept Ripple’s XRP.
- Also, things are constantly changing, and some that listed there did not and no longer accept it.
- And the primary use case for XRP is intended for transfer of other currencies (or indeed commodities such as gold or oil) over the Ripple network.”
Also Read: What is Tether? – Definition, Buy, and More
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