What is Ripple?
XRP is Ripple Labs’ cryptocurrency built to enable the use of Decentralised Ledger Technology in international transactions by banks and financial institutions. Therefore, Ripple aims to make the movement of money between countries cheaper and more efficient. XRP is a highly centralised crypto, whose nodes are no more than servers in the hands of banks and Ripple Labs, which also owns 60% of the existing XRP.
Why buy Ripple?
Over the years, Ripple has partnered with a number of banks, both American and non-American. Thanks to its blockchain characteristics, it can function as an efficient and secure – albeit centralised – payment system. Suffice to say that it is able to validate 1500 transactions per second. Moreover, XRP can be exchanged with any cryptocurrency, fiat currency or stock for a minimal fee. Therefore, it could become an increasingly recognised system to connect traditional currencies with the crypto world.
How was it created?
The Ripple project was created in 2013 thanks to Chris Larsen and Jed McCaleb. The objective of the two founders was to overcome the limits of Bitcoin, thanks to a faster protocol with very small fees. The cryptocurrency is managed by Omonima, also managing its protocol. Omonima also owns the algorithm Ripple Consensus. In order to verify payments in the distributed process, Ripple uses Internet providers, specialised agencies and MIT, the renowned University Research Institute.
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