Ripple is a cryptocurrency that was released in 2012. It is one of the earliest cryptocurrencies and is still in use today. Ripple(XRP) is different from other cryptocurrencies because it is not mined. Instead, it is created by the Ripple software ledgers.
Ripple is used for international payments and has been adopted by many banks to speed up transactions. Because it is not mined, there is no need for energy-intensive mining rigs, and this feature makes Ripple more environmentally friendly than some other cryptocurrencies.
This blog post will deeply dive into what Ripple is and how it works, and we will also explore its uses and advantages over other cryptocurrencies.
What is Ripple?
Ripple is a real-time gross settlement system (RTGS), currency exchange, and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol is built upon a distributed open-source Internet protocol, consensus ledger, and native cryptocurrency known as XRP (Ripple).
Released in 2012, Ripple purports to enable "secure, instant, and nearly free global financial transactions of any size with no chargebacks." It supports tokens representing fiat currency, cryptocurrency, commodities, or other value units, such as frequent flier miles or mobile minutes.
How does Ripple work?
Ripple is a cryptocurrency that was released in 2012. It is similar to other cryptocurrencies, such as Bitcoin, because it uses a peer-to-peer system to validate transactions. However, Ripple is different because it uses a consensus ledger instead of a blockchain, which means that Ripple can confirm transactions without requiring miners.