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- Ripple works on an open source and peer-to-peer decentralized platform that helps to easily transfer various forms of fiat money, be it pounds, dollars or rupees, or cryptocurrencies, such as Ether or
Bitcoin . - Its services included being a medium of exchange, international payment settlement and remittance system.
- The Ripple protocol was primarily developed to ensure secure, instant and nearly free global money transactions, regardless of amount, without chargebacks.
More importantly, the Ripple network has its native cryptocurrency XRP, which has been developed to operate and serve various utilities on the Ripple network. XRP launched in 2012 with just 100 billion tokens, of which 80 billion went to the company and 20 billion to its co-founders.
Both the XRP network and the Ripple network work together to allow the exchange of various currencies, including fiat money and popular cryptocurrencies.
A look at how XRP operates on the Ripple network and its advantages as a cryptocurrency:
- XRP is pre-mined and works as an intermediate exchange mechanism between two currencies or networks.
- XRP is created using a less complicated mining method compared to Bitcoin.
- XRP facilitates fast conversion between different currencies on the Ripple network for its various clients, from major banks to financial services.
- The Ripple network does not operate with a proof-of-work (PoW) mechanism or a proof-of-stake (PoS) mechanism.
- Instead, it uses a distributed consensus mechanism across a group of bank-owned servers to confirm transactions and account balances on the network.
- This consensus works to improve the integrity of the system by preventing double spending.
- Ripple transactions are very energy efficient and are much cheaper than Bitcoin.
- The transaction cost in Ripple is as low as 0.00001 XRP for cross-border payments compared to the huge fees charged by banks.
- Transactions with XRP take seconds compared to the many minutes Bitcoin takes.
- XRP plays the role of a bridge currency that makes it easy to exchange from one currency to another, be it fiat currency or cryptocurrency.
- Unlike Bitcoin’s limited total stock of 21 million coins, Ripple’s smart contract control releases a maximum of 1 billion XRP tokens each month. This makes it easily available for users to purchase.
The Ripple cryptocurrency (XRP) is beneficial to buy and invest for these reasons, as well as being ranked 8th among all cryptocurrencies.
ZebPay cryptocurrency exchange offers safe and convenient ways to buy, send and exchange XRP tokens.
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