Ripple XRP is a cryptocurrency which is designed to replace traditional payment systems which are slow, expensive and difficult to navigate. The coin was launched in 2012, however, its stable was released in February 2018. The early developers of the cryptocurrency include Ryan Fugger, Arthur Britto, and David Schwartz. Chris Larsen and Jed McCaleb are the co-founders of the rebranded Ripple launched earlier this year.
One of the things that set Ripple XRP apart from other cryptocurrency is its fast transaction time. It has the capacity to process about 50,000 transactions in one second. PayPal currently processes 24,000 transactions in the same time frame. At the moment, Ripple is the only cryptocurrency that has been able to surpass the transaction speed of major traditional transaction platforms.
Unlike other major cryptocurrencies, Ripple XRP cannot be mined because the 100 billion Ripples in existence are pre-mined. Presently, there are about 39 billion in circulation and the rest is held by the team. In addition, the Ripple blockchain utilizes a consensus mechanism know as Ripple effect.
While other cryptocurrencies are trying to change the status quo of the traditional financial system, Ripple XRP is working on collaborating with the system. Therefore, many in the crypto space believe that the cryptocurrency will survive the current bearish market. Ripple was introduced to allow banks to transfer and receive payments and assets at a record time while eliminating intermediaries.
Recently, a report revealed that Ripple Labs will be launching a new platform called xRapid before the end of 2018. The platform will convert all transactions to Ripple XRP after which it will be converted to the recipient’s desired fiat currency. In addition, the report stated that about 120 financial institutions are currently utilizing Ripple’s xCurrent platform.
Therefore, Ripple XRP has been able to bridge the gap between traditional financial system and futuristic and decentralized payment platforms. Definitely, this is the first time a cryptocurrency has served both worlds effortlessly.
Also, a cryptocurrency’s value is determined by its real-world application, its development team, and the size of investment that backs it. Ripple XRP is one of the few coins that tick all these boxes, therefore we can conclude that it can kick-start a financial revolution.
Ifeanyi Egede is an experienced and versatile blockchain technology and cryptocurrency content writer and researcher with tons of published works both online and in the print media. He has helped several startup companies grow their businesses in the blockchain and cryptocurrency space.
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