What is XRP?

What is XRP?

XRP is unlike any other cryptocurrency, and was created to be a real-time gross settlement system.  XRP was initially created by XRP was created independently by David Schwartz, Jed McCaleb, and Arthur Britto, with 80% of the total supply donated to OpenCoin Inc. OpenCoin would later go on to rebrand as Ripple Labs.

XRP gives global connectivity with real time traceability of your funds. Many people are drawn to it because it places itself in a public database, ensuring integrity. Pilot tests have proven that using using XRP saves users up to 70% in costs and reduces transaction times to seconds.

It utilises a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone.

Supply

XRP was a ‘pre-mined’ coin with 100 billion XRP created at inception, unlike mined coins such as Bitcoin (an eventual maximum of 21 million coins)  and Ethereum (theoretically no max cap). Total circulating supply for XRP is roughly 40 Billion, with Ripple Lab holding the remaining 60% of XRP in a smart contract escrow.

XRP Growth

XRP connects banks, payment providers, digital asset exchanges and corporations via a platform called Ripplenet. The aim is to provide one frictionless experience to send money globally, thereby creating a sizeable global trade

XRP represents an advantage for settling debt globally by having four main selling points.

1. Access – Global connectivity across a payment network
2. Speed- Instant on-demand settlement of funds
3. Certainty – Real-time traceability of funds
4. Cost – Low operational and liquidity cost

Ripple Lab has created technology which is far mightier than ever seen before.  Consequently, the technology is scalable, secure and interoperates with different networks. As a result, this helps to provide access to the worlds fastest and most scalable digital asset for payments.

XRP has a rapidly growing network of global partners which includes some of the most prominent corporations in the world.  Consequently, XRP helps to solve the delayed payments issue for corporations in the financial industry. There are many people who question XRP’s future due to the perception of it as the banking industry crypto; despite this, their partner network continues to grow.

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