What is XRP?

Ripple is both a platform and a currency. The Ripple platform is an open-source protocol that allows fast and cheap transactions. 

 

What is XRP?

XRP can be any currency, which makes it highly flexible. However, XRP is simply a token that represents the transfer of value across the Ripple Network. What is incredible about the transaction is that it costs around $0.00001, and it disappears from the platform, which means that with every transaction, the world effectively becomes $0.00001 poorer.

 

What is RippleNet?

RippleNet is the network of institutional payment-providers. These include money service businesses that use RippleNet solutions in their business and banks. This allows the transactions to be friction-free. 

The Ripple website states that XRP is the fastest and most scalable digital asset. Yet, it remains as volatile as many other cryptocurrencies. Even though Ripple is typically cheaper than most other cryptocurrencies like Ethereum, Bitcoin Cash, and Bitcoin, it remains the third-most valuable in terms of the market. 

XRP is known mainly for the technology it uses to enable digital asset exchanges, remittance systems, and payment settlement options. Instead of using blockchain mining, it uses a distributed consensus mechanism. This distribution consensus mechanism goes through a network, which conducts a poll. That poll will decide by consensus the validity of the transaction. 

Ripple, unlike bitcoin, was not intended to be a payment machine. XRP is the name of the currency, but anyone can use the platform, and create their own via the RippleNet portal. 

Want to know more about XRP? Open up an online bank account, deposit your crypto, and start using your BlockCard as soon as your application is complete.

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