Convert XRP to USD
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solSolana
dogsDogsWhat is XRP?
Ripple is a commercial platform with its cryptocurrency, XRP, created by Ripple Labs Inc. as a payment system. The project's purpose is to minimize transaction costs and increase transaction speed. The platform has become widely used around the world.
The platform focuses on payments, exchanges, and currency transfers. XRP is exchangeable for fiat, crypto, and goods.
How Does Ripple (XRP) Work?
Ripple operates on the XRP Ledger Consensus Protocol (XRPL) consensus algorithm, which the developers say is safe for the ecosystem (unless security is guaranteed, XRPL blocks the transaction). Moreover, it solves the problem of double spending (re-selling cryptocurrency by copying or redirecting the transaction).
The platform's working principle is to conduct transactions between two parties with a trusted agent, namely, the company.
The project uses public blockchains. That implies transaction transparency, whereby all participants can confirm the transaction's correctness and choose the network rules independently. The Ripple Transaction Protocol (RTXP) works for conflict and disagreement avoidance. Thus, the decision depends on a participant's vote (80% of votes are required).
It is not possible to mine XRPs; you can only buy them. Nevertheless, the company offers miners the opportunity to participate in the new projects' development (e.g., calculations), for which they receive rewards with cryptocurrency.
Ripple offers individuals and financial organizations to exchange assets with low fees and high transaction speed, including international transactions (≈ 4 seconds). The use of the xCurrent tool, included in the banking system of organizations connected to the global network (RippleNet), made that possible.
Pros and Cons of XRP
The benefits of using the XRP coin and the Ripple platform include:
- transaction speed;
- low-fee costs;
- recognition by global institutions;
- ability to make payments with several assets simultaneously (fiat, crypto, goods, and bonuses);
- reliability and high level of security.
Shortcomings:
- centralization;
- limited issue (deficit problem, which has a direct impact on the price);
- project developers themselves own most of the coin volume;
- focus on banking systems;
- risk of monopolization by large investors.
XRP coins can be used for online purchases of goods and services, counting financial transactions. Ripple cooperates with many large global banks (Western Union, Bank of America, UBS Group AG, Cross River Bank, Mitsubishi UFG Financial Group, Fidor Bank, and others).