![]() Ripple Labs worked to enhance global payment capabilities, rather than to replace the old system. When XRPL was originally engineered in 2012 by Jed McCaleb, Arthur Britto and David Schwartz prior to the formation of the blockchain company, the idea was for Ripple to be a global payment network that would offer a better solution than the traditional banking and financial systems in place. This means XRP is used in the processing of digital and fiat currency transfers on XRPL network. XRP also functions as an intermediary on the XRPL network, which is able to swap digital and fiat currencies through its network DeFi protocol. This makes Ripple stand out in the cryptocurrency industry, and such factors can affect XRP price. Another interesting feature of XRP is that miners receive their validation fees from the aforementioned charge, as all XRP coins were placed into circulation when the network was first launched. 00001 XRP is charged for every transaction processed on the underlying XRP Ledger (XRPL). The Ripple network is powered by its native cryptocurrency, XRP. Transactions on Ripple are typically completed within four to five seconds, much faster than some on other independent blockchain networks that use different protocols. This model ensures that payments on the network are subject to considerable security measures without compromised efficiency. Ripple is a uniquely designed blockchain that works on a consensus model in which all nodes given access to the system must validate transactions on the network. ![]() ![]() Ripple (XRP) is a decentralized payment network that was built to replace the traditional money transfer network, SWIFT.
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