Ripple (XRP) - what it is?

By
Tokeneo
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2 min reading

Cryptocurrency, whose name is often confused with the name of the company that is responsible for creating networks for currency exchange and money transfers. Ripple - one of the top altcoins. In this article you will learn everything about it.

ripple xrp

Ripple Company

The name of the cryptocurrency is often confused with the company name. Ripple is a company that creates a currency exchange network. 

The origins of the project go back to 2004, when Ryan Fugger developed the first ripple protocols. In 2012 a book was implemented, which describes the consensus of the whole network. 

The network operates as a distributed system that is designed to store all accounting information about transactions as well as user information. Ripple is a private company that created XRPL ( XRP ledger). The network itself works on the principle of open source code, so that every user can contribute to the network code.

The network, thanks to its unique architecture and how it was designed, enables very fast and efficient payment processes.

Ripple (XRP) - what is it?

Ripple has put its own XRP cryptocurrency into circulation. This is how a XRP should be called, but in the crypto community, everyone simply calls it a Ripple.

The creators of the Ripple network were inspired by the existence of Bitcoin, and it was based on it that their cryptocurrency was created. There are, however, significant differences in the operation of these two coins. The total supply of Ripple is as much as 100 billion XRP tokens and the transaction processing time is 4-5 seconds. In the case of Bitcoin, it is about 10 minutes.

Read also: What is Ethereum (ETH)? Is it Bitcoin 2.0?

Where to check Ripple price?

Ripple prices can be checked on most exchanges, as XRP is one of the ten most popular cryptocurrencies and desirable coins.

The Ripple price reached its ATH (All Time High) on January 4, 2018, when the token recorded a value of 3.84 USD. Unfortunately, the XRP price quickly went down and never came close to that value again.

How to mine Ripple (XRP)?

Many people ask themselves how to mine Ripple. The XRP general ledger was not created based on the consensus algorithm, or proof of work. Instead, a dedicated ripple protocol consensus algorithm was used. This means that there is no mining process for this crypto. You cannot mine or extract Ripple, as is the case with Bitcoin and other top Proof of Work based cryptocurrencies.

Read also: How Does Bitcoin Mining Work?

Where to buy Ripple (XRP)?

Ripple (XRP) is very popular and can be bought on most top crypto exchanges. These are among them: 

  • Binance,
  • Coinbase,
  • Kraken,
  • BitBay,
  • OKEx,
  • Houbi Global
  • Tokeneo 

and more...

Which cryptocurrency wallet for Ripple (XRP)?

Not every top hot and application wallet supports Ripple. You can use crypto wallets such as Rippex or Atomic Wallet if you are using a computer.

The safest wallet for Ripple as for any other crypto wallet is the hardware wallet, the so-called cold wallet. For example, the Ledger or Trezor, which is most popular in the crypto space.

Read also: Bitcoin wallets - how they work and which one is the best?


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