Any kind of asset can be tokenized on the XRP Ledger, including fungible tokens, stablecoins, NFTs, and Central Bank Digital Currencies (CBDCs). Together, we’re building the greenest infrastructure to drive blockchain innovation that doesn’t sacrifice utility or performance, to bring the developer community’s vision to life. Bithomp was launched in 2015 with a mission to build the most user-friendly XRPL explorer. With intentional innovations, tools and documentation that accelerate development and minimize time to market, XRP Ledger is used to create solutions across an expansive range of industries and use cases. The Ledger provides developers with powerful utility and flexibility, where they can code in Python, Java, and JavaScript languages. The XRPL is suitable for any independent developer or enterprise that wants to build for a variety of use cases.
Moreover, their initial read indicated that significant problems could arise if any miner obtained (or miners colluded to obtain) greater than 50% of the mining power. That risk persists buy sell and trade cryptocurrency instantly with Bitcoin (and Ethereum) today as mining power has consolidated in China. Connect at XRPL.org, a community by and for the developers and entrepeneurs who rely on the XRPL.
- This affordability empowers un- and under-banked populations to access financial services, removing obstacles that hinder financial inclusion.
- The trio of developers continued the work to build a distributed ledger that improved upon these fundamental limitations of Bitcoin, originally naming the code Ripple.
- The XRP ledger (XRPL) is a decentralised and permissionless open-source blockchain with the native cryptocurrency, XRP.
- With its strong foundation, XRPL stands ready to usher in a new era of efficiency, security, and sustainability in the ever-evolving world of cryptocurrencies and blockchain technology.
For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. XRPL enables a wide variety of services and use cases including payments, decentralized finance, and tokenization. The XRPL was the world’s first major public blockchain to be certified carbon neutral.While most blockchains require a lot of computing power to process transactions, the XRPL was designed to use as little energy as possible. The trio of developers continued the work to build a distributed ledger that improved upon these fundamental limitations of Bitcoin, originally naming the code Ripple. The ledger included a digital asset that would originally be called “ripples” (XRP as the currency code) to follow the same naming convention as Bitcoin (BTC). The XRP Ledger (XRPL) is a decentralized, public blockchain built by three developers who were seeking a faster, more energy-efficient blockchain.
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Today, Ripple has created a use case leveraging the XRP Ledger and XRP for liquidity management in its cross-border payments business. Despite the revolutionary ideals of many of Bitcoin’s early believers, Larsen never thought blockchain technology should be used to overthrow the existing financial system. He believed that history’s most transformative innovations have always relied on the great ideas that came before them—not displacing them. Since then, the company has regularly sold XRP, used it to strengthen XRP markets and improve network liquidity, and incentivized development of the greater ecosystem. In 2017, the company placed 55 billion XRP in escrow to ensure that the amount entering the general supply grows predictably for the foreseeable future. Ripple’s XRP Market Performance site reports how much XRP the company has available and locked in escrow at present.
Anyone with a digital wallet and an internet connection can receive, hold, and send XRP tokens. Users can use XRP to send global payments, transact on the XRPL decentralized exchange (DEX), and purchase NFTs. XCurrent is a solution blockchain exchange traded funds designed to provide instant settlement and tracking of cross-border payments between RippleNet members. Unlike xRapid, the xCurrent solution is not based on the XRP Ledger and does not use the XRP cryptocurrency by default.
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There are currently over 150 validators on the ledger, operated by universities, exchanges, businesses, and individuals around the world. The XRPL has operated continuously since January 2013, and billions of transactions have been completed. In order to perform the transaction, FIN uses the xRapid solution to create a connection with asset exchanges in both the originating and destination country. This way, the company is able to convert Bob’s $100 to XRP, which provides the necessary liquidity for the final payment.
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The XRP Ledger (XRPL) was developed by Ripple, a blockchain technology company, as a decentralized and efficient platform for processing fast, secure, and low-cost transactions with the digital asset XRP. The XRPL is a remarkable public blockchain that stands out for its scalability, decentralization, and utility. With a thriving community of software engineers, server operators, businesses, and developers, the XRPL offers a robust open-source foundation for executing even the most demanding projects sustainably. What makes XRPL even more appealing is its carbon-neutral status, making it one of the most environmentally friendly blockchains available.
The XRP Ledger: The Blockchain Built for Business
Created in 2011 by developers David Schwartz, Jed McCaleb, and Arthur Britto, XRP was designed to provide a more sustainable, scalable, and efficient alternative to Bitcoin. XVia is an API-based standardized interface that allows banks and other financial service providers to interact within a single framework – without having to rely on multiple payment network integrations. XVia allow banks to create payments through other banking partners that are connected to RippleNet and also enables them to attach invoices or other information to their transactions. Ripple was first idealized in 2004 by Ryan Fugger, who developed the first prototype of Ripple as a decentralized digital monetary system (RipplePay). The system went live in 2005 and was meant to provide secure payment solutions within a global network.
It has operated continuously since 2012 and enabled developers to build a wide range of projects for the XRPL community. There are a wide range of applications on the XRPL today, spanning micropayments, DeFi, and tokenization. Formerly known as OpenCoin, Ripple is a privately held company that is building a payment and exchange network (RippleNet) on top of a distributed ledger database (XRP Ledger). The main goal of Ripple is to connect banks, payment providers and digital asset exchanges, enabling faster and cost-efficient global payments.
Its widespread adoption, coupled with its unique features, cements XRPL’s position as a driving force in the blockchain space, poised to bring transformative changes to various industries and open new avenues for decentralized innovation. With its strong foundation, XRPL stands ready to usher in a new era of efficiency, security, and sustainability in the ever-evolving world of cryptocurrencies and blockchain technology. Transactions are confirmed on the XRPL through a consensus protocol, in which designated independent servers called validators come to an agreement on the order and outcome of XRP transactions. All servers in the network process each transaction according to the same rules, and any transaction that follows the protocol is confirmed right away.
In a matter of seconds, the XRP is converted to Indian Rupees and Alice is able to withdraw the money from the asset exchange located in India. Alongside its native coin, XRP, the XRP Ledger is used by developers to create solutions that solve inefficiencies, including remittance and asset tokenization. Currently, the five main applications of the XRP Ledger are payments, tokenization, DeFi, CBDCs, and stablecoins. RippleNet may be implemented on top of the existing banking infrastructure as a way to complement and improve the traditional payment system. Moreover, XRPL’s unique consensus mechanism obviates the need for energy-intensive mining, making it remarkably eco-friendly.
However, Ripple recommends its clients to use a list of identified, trusted participants to validate their transactions. Furthermore, XRPL’s rapid transaction settlement times, taking mere seconds instead of several days, makes it significantly faster than many other blockchains, enhancing user experience and utility. Having operated for over a decade, the XRPL is a trusted and reliable ledger for a variety of use cases including payments, tokenization, DeFi, and more.
The xCurrent is built around the Interledger Protocol (ILP), which was designed by Ripple as a protocol for connecting different ledgers or payment networks. In 2012, Fugger handed over the project to Jed McCaleb and Chris Larsen and together they founded the US-based technology company OpenCoin. From that point on, Ripple started to be built as a protocol focused on payment solutions for banks and other financial institutions. In 2013, OpenCoin was rebranded to Ripple Labs, which was later rebranded to Ripple, in 2015. Financial products and services can be accessed via XRP Ledger’s decentralized exchange (DEX).
According to Ripple’s official website, Ripple is a privately held company that helped support the development of the XRPL as an open-source distributed ledger. This means that anyone can contribute to the code and that the XRPL is able to continue even if the company ceases to exist. Proven reliable over more than a decade of error-free functioning, the XRPL offers streamlined development, low transaction costs, high performance, and sustainability. A key factor contributing to XRPL’s popularity is the affordability of its transactions, often costing only a fraction of a cent. This affordability empowers un- and under-banked populations to access financial services, removing obstacles that hinder financial inclusion.
Any user can set up an XRP wallet from various wallet providers to begin transacting. Senders of XRP pay a negligible transaction fee of under a penny, how to scan bitcoin qr code making it an affordable solution for users. With this feature, central banks can sustainably and securely interoperate with other payment systems.
The DEX is native to the protocol and uses a central limit order book model to trade digital assets. Users can access the DEX through a variety of order book interfaces, such as Sologenic, to trade directly on the XRP Ledger. Using the XRP Ledger, assets can be moved across the world, enabling instant money transfers for remittances, treasury payments, payrolls, and other cross-border payments. For instance, RippleNet powers cross-border payments through a decentralized network of banks and payment providers that uses the XRP Ledger. Users can also set up an XRP wallet like Xumm to transact XRP, a neutral bridge asset optimized for global payments with low fees. As XRPL continues to evolve and demonstrate its potential, it emerges as a promising contender to shape the digital future.
