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]
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Contributors: Prab R. Tumpati, MD
