What exactly is Ripple (XRP)?
Ripple (XRP) is a cryptocurrency token designed to move transactions away from central databases controlled by financial institutions and toward a more open infrastructure while significantly reducing costs. XRP transactions are trustless, instant, and inexpensive, making them ideal for cross-border transactions.
The cryptocurrency, which was launched in 2012, has one of the most ambitious goals in the cryptocurrency space. The proposed blockchain transaction enables the use of the proposed blockchain transaction enables the use of the proposed blockchain transaction.
Anyone can contribute computing power, validate transactions, and secure the Bitcoin blockchain software. The XRP Ledger, on the other hand, only allows selected network participants to assist in transaction validation and network security. The network contains over 150 of these participants, known collectively as the Unique Node List.
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Is XRP, however, decentralized?
At launch, 100 billion XRP tokens were pre-mined and subsequently distributed to specific individuals, companies and the general public through gifts and giveaways. The move raised concerns about its decentralization at the time, as a few entities controlled a large supply of the coins. There are also tokens such as Poocoin which are decentralized.
Adding fuel to the fire, XRP’s involvement in the market relies on a for-profit company called Ripple that, to this day, acts as the main player in the XRP ecosystem. Ripple, as a significant XRP token holder, contributes to the upkeep of the XRP Ledger and plays an important role in its development.
How does Ripple (XRP) function?
RippleNet, Ripple’s blockchain infrastructure, aims to provide banks with fast, low-cost, and simple cross-border transactions. As a result, it is a viable alternative to the Society for Worldwide Interbank Financial Telecommunication, which is currently used by the majority of banks.
The XRP cryptocurrency uses a consensus system involving several bank-owned servers to verify transactions. Validators confirm the validity of proposed transactions by comparing them to the most recent version of the XRP Ledger. To be verified, a transaction must be accepted by the majority of validators.
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History of Ripple (XRP)
Most cryptocurrencies have a single person or entity that can be credited with creating the cryptocurrency. Bitcoin (BTC), for example, was created by the pseudonymous Satoshi Nakamoto. The history of XRP is complicated because several people were involved in developing both the technology and the business entities that helped it grow.
The creation of XRP is often attributed to OpenCoin co-founders Jed McCaleb (who also founded Mt. Gox), Arthur Britto (who helped develop the XRP Ledger), and Chris Larsen (who founded several fintech firms). Nonetheless, while they were notable figures in the field, others were involved.
David Schwartz, who co-authored the original Ripple whitepaper and currently serves as Ripple’s chief technology officer, and Stefan Thomas, a former Ripple chief technology officer, are two of them.
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