Ripple
Ripple[edit | edit source]
Ripple is a real-time gross settlement system (RTGS), currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open-source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.
History[edit | edit source]
Ripple was first conceived by Ryan Fugger in 2004, who developed the first version of Ripple as a decentralized digital monetary system (RipplePay). In 2012, Fugger handed over the project to Jed McCaleb and Chris Larsen, who co-founded OpenCoin, which later became Ripple Labs.
Technology[edit | edit source]
Ripple's consensus ledger is unique in that it does not require mining. The network is managed by a consensus protocol, which is used to validate account balances and transactions on the system. This consensus process allows for payments, exchanges, and remittances in a distributed process.
XRP[edit | edit source]
XRP is the native cryptocurrency of the Ripple network. It is used as a bridge currency to other currencies and is utilized to facilitate transactions on the Ripple network. XRP can be used to provide liquidity in the network and reduce the cost of currency exchange.
Use Cases[edit | edit source]
Ripple is designed to enable secure, instant, and nearly free global financial transactions of any size with no chargebacks. It supports cross-border payments and has been adopted by various financial institutions and payment providers.
Criticism[edit | edit source]
Ripple has faced criticism for its perceived centralization, as Ripple Labs holds a significant portion of the XRP supply. Additionally, there have been legal challenges regarding the classification of XRP as a security.
Related Pages[edit | edit source]
 | This article relating to cryptocurrencies is a stub. You can help WikiMD by expanding it. |
Search WikiMD
Ad.Tired of being Overweight? Try W8MD's physician weight loss program.
Semaglutide (Ozempic / Wegovy and Tirzepatide (Mounjaro / Zepbound) available.
Advertise on WikiMD
|
WikiMD's Wellness Encyclopedia |
| Let Food Be Thy Medicine Medicine Thy Food - Hippocrates |
Translate this page: - East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
தமிழ்,
తెలుగు,
Urdu,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
বাংলা
European
español,
Deutsch,
français,
Greek,
português do Brasil,
polski,
română,
русский,
Nederlands,
norsk,
svenska,
suomi,
Italian
Middle Eastern & African
عربى,
Turkish,
Persian,
Hebrew,
Afrikaans,
isiZulu,
Kiswahili,
Other
Bulgarian,
Hungarian,
Czech,
Swedish,
മലയാളം,
मराठी,
ਪੰਜਾਬੀ,
ગુજરાતી,
Portuguese,
Ukrainian
WikiMD is not a substitute for professional medical advice. See full disclaimer.
Credits:Most images are courtesy of Wikimedia commons, and templates Wikipedia, licensed under CC BY SA or similar.
Contributors: Prab R. Tumpati, MD
