XRP cryptocurrency Payment protocol

 110 Views

XRP cryptocurrency Payment protocol

XRP or known as Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc.

Here is how does XRP Work, it was created by Ripple to be a speedy, less costly and more scalable alternative to both other digital assets and existing monetary payment platforms like SWIFT.

RippleNet’s ledger is maintained by the global XRP Community, with Ripple the company as an active member. The XRP Ledger processes transactions roughly every 3-5 seconds, or whenever independent validator nodes come to a consensus on both the order and validity of XRP transactions — as opposed to proof-of-work mining like Bitcoin (BTC). Anyone can be a Ripple validator, and the list is currently made up of Ripple along with universities, financial institutions and others.

XRP cryptocurrency Payment protocol

To begin with, it’s important to understand the difference between XRP, Ripple and RippleNet. XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform.

Top exchanges for trading in XRP are currently Binance

You can either store or keep your XRP on an exchange, where the exchange is responsible for the safety of your asset, it also may store your XRP in a cold or hot wallet.

If wanna buy XRP, it is available on any exchange that offers the digital currency. Remember and make sure to do your own research before choosing an exchange to buy it.

 

Crypto news | technology news

Leave a Reply

Your email address will not be published. Required fields are marked *