Table of contents
- What is Ripple (XRP)?
- Pros and cons of the Ripple (XRP) project
- Ripple (XRP) Team
- What is XRP coin?
1. What is Ripple (XRP)?
Ripple is a project on a payment, exchange, and remittance system. Ripple was born with the purpose of helping users use the services of banks, Paypal, ... with extremely low fees but quite fast transaction speeds.
Some memorable milestones of Ripple in the process of building and developing the project are as follows:
- 2001: Ryan Fugger is the one who came up with the idea to develop Ripple into a decentralized cryptocurrency exchange and payment system (RipplePay).
- 2005: The system came into operation, providing secure payment services on a global scale.
- 2012: Ripple's Co-Founder cooperates with other parties to form the company OpenCoin. Later, the company was funded by large funds such as: Andressen Horowitz and Google Ventures. OpenCoin is primarily aimed at the decentralized market.
- 2013: Renamed OpenCoin to Ripple Labs.
- 2015: Officially adopted the name Ripple.
Ripple has its own cryptocurrency called XRP coin.
2. Pros and cons of the Ripple project
Advantages of Ripple (XRP coin)
Advantages of the Ripple project:
- Transaction processing speed is very fast: It takes about 4 seconds/transaction.
- Cheap transaction fee: about 0.0001 USD/transaction
- Cooperation with many big banks such as Bank of America, UBS, Standard Chartered, Barclays, JP Morgan, Santander, American Express,...: Wide range of transactions.
- Using Blockchain technology and transactions on Ripple are both P2P: Transparency and security.
Advantages of XRP coin:
- Low-inflation tokens.
- Because Ripple cooperates with many major banks, XRP coin is not affected by many stages like other cryptocurrencies.
- Easy to swap because of its wide trading range and high liquidity, so slippage is quite small.
Disadvantages of Ripple (XRP coin)
- High centralization: The partnership with many banks makes XRP lose the decentralized nature of the cryptocurrency.
- The success of the project depends heavily on the acceptance of banks and financial institutions. Once this acceptance is gone, it will be very dangerous.
3. Ripple team
The company was founded in 2012 by Chris Larsen and Jed McCaleb and is based on the idea of Ryan Fugger, who created the XRP Ledger in 2012.
After the company rebranded from its original name OpenCoin to Ripple, the direction also changed as it began creating high-level partnerships with Bank of America, Santander, and Standard Chartered.
4. What is XRP coin?
XRP is a coin used to represent the transfer of value on the Ripple network. The main purpose is to be an intermediary for other transactions including both fiat currencies and cryptocurrencies.
XRP coin is built specifically for financial institutions and businesses for liquidity in cross-border transactions.
Banks and financial institutions can use XRP coin to transfer money across countries instantly. It is also used by payment providers to improve payment speeds, connect to other markets, and reduce foreign exchange costs.
This is a coin that is widely exchanged on popular cryptocurrency exchanges today.
Specifications
- Token Name: XRP coin
- Address: 0x1d2f0da169ceb9fc7b3144628db156f3f6c60dbe
- Blockchain: Binance Chain
- Standard: BEP-20
- Token Type: Utility.
- Total Supply: 100,000,000,000 XRP
XRP coin Allocation
The XRP coin allocation is as follows:
XRP Use Case
The goal of the project is to become a commonly used payment system in the world, helping to solve the problem of money transfer time of banks.
This means that the future of XRP is almost entirely dependent on whether banks adopt the Ripple network. Fortunately, this has been extremely positive, with more and more major banks in the world joining this community.
XRP coin exchange and storage wallet
Since XRP is a fairly large coin on the Crypto market, you can store it in most wallets. Some wallets for your reference: MetaMask, Trust Wallet, Coinbase,...
Currently Remitano has listed XRP coin. You can buy this coin at 3 main products of Remitano: Swap, P2P, Surfing.
