Fast remittanceĬompared with the traditional remittance market, it can take up to 48 hours to transfer your money internationally. The cost of a transaction on the Ripple protocol is about 0.00001 XRP and currently, 1 XRP price is at ~$0.15, which would cost you next to nothing. XRP holds the same role but it is much cheaper than USD. In this case, USD is the mediator that acts as a global bridge that connects different fiat currencies from the originators to the beneficiaries. For example, if you want to convert currency A to currency B, you will need to do a double conversion: Currency A to USD and USD to Currency B. There are many currencies that can't be converted directly to each other. He is currently the CTO of Stellar.īrad Garlinghouse is currently the CEO of Ripple. He had a falling out with the Ripple team and forked the Ripple codebase to start Stellar. Jed McCaleb was previously the founder of Mt. Chris is currently the Executive Chairman of Ripple. In 2016, Ripple Labs rebranded to Ripple. n 2012, Fugger handed it to Jed McCaleb and Chris Larsen, where they co-founded OpenCoin. In 2013, OpenCoin then rebranded to Ripple Labs Incorporated. Ripple was first started in 2004 by Ryan Fugger, who developed the first version of Ripple, called RipplePay. Ripple Network is a global network payment built on top of the XRP Ledger Ripple (formerly known as Ripple Labs) is the company behind Ripple Network XRP Ledger is the distributed consensus ledger ![]() XRP is the native token and the ticker symbol of the XRP Ledger What is the difference between XRP, XRP Ledger, Ripple, and Ripple Network? The remittance can be done within seconds. Bob could withdraw the money in Indian Rupee once validated. The JPY will be converted to XRP and will be validated by the servers in the network. If Alice wants to send 1,000 Japanese Yen to her cousin Bob in India, Alice could send it to the participating financial institutions. This trusted list of nodes is called the Unique Node List (UNL). However, Ripple maintains a given set of validators that can be trusted. Any Ripple transaction needs to be verified by at least 80% of the nodes on the network.Īnyone can become a validator. The RCPA defines how XRPL is managed by a network of independent Ripple validator nodes. XRPL uses a different set of rules called the Ripple Consensus Protocol Algorithm (RCPA). How does it reach a consensus if there is no mining? All transactions must be agreed by a supermajority of these trusted nodes for it to achieve consensus and be included in the XRP Ledger. The XRPL’s integrity is maintained by a group of trusted nodes. XRP instead relies on a consensus algorithm known as the Ripple Protocol Consensus Algorithm. It does not rely on Proof of Work (PoW) and therefore there is no mining involved with XRP. However, its consensus mechanism is different from Bitcoin or Ethereum. ![]() Ripple transactions are publicly recorded on its open-source distributed consensus ledger which has a similar data structure to a blockchain where the successive data block includes the hash of the previous block. The native cryptocurrency of the XRP Ledger is XRP.Ĭompared to Bitcoin (BTC) which uses a distributed blockchain whose transactions are processed and secured by proof-of-work mining, XRP transactions are processed by a network of trusted validators on the XRP Ledger. XRP Ledger (XRPL) is the open-source distributed ledger that is created by Ripple. Unlike most cryptocurrencies out there that cater to peer-to-peer needs, Ripple was made to connect banks, payment providers and digital asset exchanges, enabling real-time settlement expeditions and lower transaction fees. Ripple funded the development of the open-source XRP Ledger. RippleNet is a payment network that is built on top of Ripple’s consensus ledger, called XRP Ledger (also known as XRPL). Ripple is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet).
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