Introduction to XRP
What problem does XRP solve?
Ripple (XRP) is among those few cryptocurrencies that took the market by storm and made
their mark in a very short period of time. It doubles as an open payment
network and a digital currency. The network aims to free the world from the binding
chains of the current payment and financial network. In essence, it provides an alternative to
banks, PayPal and credit cards by offering a cross border payment method while charging minimal
fees for financial transactions.
As of now, the Ripple network is working on the release
of three different products, namely xCurrent, xRapid and xVia. The company is now focussing more
on xCurrent and this is the product that has more or less become the identity
of the Ripple network. It aims to bring financial institutions like banks on board and
allows cross border financial transactions in a faster, secure and cheaper way (Sinha, 2019).
Binance Academy: What Is Ripple (XRP)｜Explained For Beginners
What is XRP
What does the cryptocurrency XRP actually do?
Among the three products offered by the Ripple network, up till now, xCurrent is the most developed. It is a solution for cross-border payments, which as of now, are very time consuming and include high costs. Ripple offers instant transfers between borders and charges minimal fees. However, banks although very interested in the technology, are reluctant to use the RippleXRP token due to its high fluctuation, which has become a major issue for the Ripple Company.
Who is behind XRP
What team is working to make XRP successful?
The minds behind the Ripple technology are Chris Larsen and McCaleb. McCaleb is a competent,
skilful programmer and has several ventures to his name. He founded the famous file sharing
program eDonkey2000, which was put down by the regulatory authorities and he was forced to
pay $30 million in compensation (Mennecke, 2006). Afterward, he created the website MtGox (which was
hacked on June 2011 – USD 9 million were stolen). He later sold the website,
while still holding a considerable amount of shares of it (McCormack, 2019).
Ripple in 2012 with Larsen, but his term there was short-lived. He left the Ripple
network in 2014 to start out his own cryptocurrency venture Stellar Lumens which is considered
as a Ripple fork. Currently, Larsen is single-handedly leading the Ripple Team.
The Ripple Foundation is currently being lead by the CEO, Brad Garlinghouse. The team includes many experienced individuals with knowledge in both technical and financial services.