Transactions are confirmed on the XRPL via a consensus protocol, wherein designated independent servers known as validators agree on the order and outcome of XRP transactions. Unlike Bitcoin (BTC) or Ethereum (ETH), the XRPL employs a distinct Federated Consensus mechanism to validate transactions. At present, the five principal applications of the XRP Ledger include payments, tokenization, DeFi, CBDCs, and stablecoins. Deployed in 2012, the XRPL backs enterprises and Python, Java, and JavaScript developers with solid utility and flexibility.Īlongside XRP, developers use the XRP Ledger to develop solutions that solve inefficiencies, including remittance as well as asset tokenization. The XRP Ledger provides various applications and use cases concerning payments, including micropayments, DeFi, and NFTs. Since 2012, the XRP ledger has been functioning reliably, having completed 70 million ledgers. The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capacities built into the protocol. Benefits of the XRP Ledger include its low-cost, speed, scalability, and inherently green features. Launched in 2021, the XRP Ledger (XRPL) is an open-source, permissionless, decentralized technology. Currently, Brad Garlinghouse is Ripple’s CEO. Afterward, Ripple Labs rebranded itself to Ripple. Later, In 2013, OpenCoin was renamed to Ripple Labs. In 2012, Fugger handed it over to Jed McCaleb and Chris Larsen, who co-founded OpenCoin. Ripple was initially started in 2004 by Ryan Fugger, who designed the foremost version of Ripple, known as RipplePay. The consensus works to enhance the system’s integrity by deterring double-spending. Rather, transactions depend on a consensus protocol to validate account balances & transactions on the system. The Ripple network does not operate on a proof-of-work (PoW) mechanism or a proof-of-stake (PoS) mechanism. XRP is useful in its products to facilitate speedy conversion between diverse currencies. Ripple counts significant banks and financial services institutions as its customers. Ripple, a global payments network, works on an open-source and P2P decentralized platform that enables a seamless transfer of money in any form, whether it is dollars, euros, yen, or cryptocurrencies like litecoin or bitcoin.
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