XRP Price-
About XRP-
Inspired in 2004 to create a decentralized platform that allows users to create their own money, Ryan Fugger began working on what would eventually evolve into the company Ripple and the cryptocurrency XRP. In 2005, his website RipplePay.com went live. In 2011, ed McCaleb began working on a cryptocurrency idea where the value is set by consensus and not mined into existence like bitcoins. In 2012, Fugger gives control of RipplePay.com to McCaleb and Chris Larsen. RipplePay becomes NewCoin, then OpenCoin, and in 2013, settles into Ripple Labs.
Ripple and the cryptocurrency to which it is closely connected, XRP, are dividing the cryptocurrency community through partnership with several of the world’s largest banks. With over 100 banking partners, Ripple’s goal is to revolutionize how we send and receive money. The coin that Ripple created, XRP, is traded using blockchain inspired technology. Ripple also created xRapid, the public ledger upon which all XRP transactions are authenticated, conducted and recorded.
Ripple’s CTO David Schwartz stated, “The vision is to make an international payment as cheap and easy as pulling up a web page. Something you would do without even thinking about the mechanics or the cost. It’s just so automatic and cheap… It’s almost invisible.” The company encourages banks to use XRM to make international money transfer simpler and faster.
The current system of sending money overseas was created in the 1970’s and remains basically the same. It takes days and there are pricey fees attached to doing so. XRM can be sent using blockchain technology at no cost and virtually instantly.
Different than Bitcoin or Ethereum, 100 million XRP coins were created at once (pre-mined). This allows a payment to process in less than five seconds, as opposed to around an hour for a bitcoin transaction. Ripple is also aimed more at banks than individuals. Whereas bitcoin and similar cryptocurrency are mined and transactions authenticated through solving complex math problems that require a lot of computing power and resources, XRP transactions are authenticated through a polling process across a network of validators. This makes the process less costly and faster. Experts argue about whether it is more centralized or less centralized than Bitcoin or Ethereum, based on perspective.
If you are interested in learning more about Ripple or XRP, visit: https://ripple.com/xrp/.