XRP XRP Price

How Ripple Got Started

Ripple Mining

Mining Ripple is needless, because the developers have released 100 billion coins at once, which are gradually destroyed through transactions that automatically increase in value. Since the mechanism is based on charging a transaction fee of 0.00001 XRP, this means that the fee taken from the user will be destroyed and the total number of coins will steadily decrease.

XPR

XRP is a native Ripple coin. One XRP is subdivided into one million units, known as drops. The coin's emission amounts to 100 billion, all of which were issued at the launch of the network: 65% of all XRP was credited to an account by Ripple Labs, while the remaining 35% went into free circulation.

XRP can be purchased on most exchanges and trading platforms. Its transfers, in addition to the user's address, also require a so-called destination tag, which is generated in the wallet. XRP storage and transactions are supported by most popular multicurrency wallets.

History of Ripple

• In 2005, Canadian programmer Ryan Fugger launched the first iteration of a system called RipplePay.com, which didn't become very popular.
• In 2011, Fugger delegated one of the management positions in his company to cryptographer Jed McCaleb. That man recruited David Schwartz and hired Arthur Britto as development manager.
• In 2012, McCaleb created OpenCoin, and Chris Larsen became its CEO, while Fugger left the project.
• In 2013, OpenCoin changed its name to Ripple Labs. The company's current CEO is Brad Garlinghaus, who replaced Chris Larsen.
• In 2014, McCaleb left Ripple Labs and started his own project called Stellar. In an agreement with the team, he received nine billion XRPs, nearly 19% of the coin's total issuance. The funds were paid out over the next eight years in installments, and McCaleb made his last sale in July 2022.

Ripple Advantages and Disadvantages

The fundamental purpose of Ripple is the creation of a global network in which clients can actively exchange digital assets. The developers prioritize increasing processing speed and transaction capacity with reduced fees.

Ripple Technology Use

• Electronic billing for B2B payments. Ripple provides corporate banking and SMB customers with a differentiated offering. An unlimited amount of data can be attached to each payment.
• International supply chain payments. Ripple can perform real-time, accurate, timely transactions with security of payment and delivery.
• Global currency account. With the Ripple network, banks can offer a single global currency account to their corporate clients, allowing them to use a single pool of liquidity for international transactions.
• International bill pay. Payments to foreign businesses require an international payment to be sent to an individual in the recipient country, who will then send a domestic payment to the local business. This process is non-transparent, expensive, unpredictable, and is sent via batch transmission. Ripple eliminates the existing service gap by offering an international bill payment system with complete transparency, low cost and immediate confirmation.

Ripple and Travelex Bank in Brazil

Travelex Digital Bank was the first to be registered and approved by the Brazilian Central Bank for foreign currency-only transactions. It is working to simplify client access to international finance through cross-border money transactions, ATMs and multi-currency prepaid cards. Ripple's digital XRP asset will be used to allow clients to send money instantly with very low transfer costs and without having to hold pre-formed capital in the destination country.

Travelex will initially process operations between Mexico and Brazil, but developers future plans include expanding the list of countries and payment types including domestic transactions and large scale settlements between small and medium sized businesses.