JAKARTA After an increase of 35.2 percent in the last two weeks based on Coingecko data, XRP has a price movement that is different from the two largest cryptocurrencies in the world by market capitalization, namely Bitcoin and Ethereum. At the time of BTC and ETH bearish, XRP was actually bullish. However, not a few are not familiar with Ripple, the difference with XRP, even its history.
Ripple is being sued by the US Securities and Exchange Commission (SEC) for being accused of selling unregistered securities. Ripple rejected the'security' category for its digital asset, XRP. The feud on the court has been going on for more than two years. In the midst of these obstacles, Ripple is quite confident in expanding its wings to various countries. The company has succeeded in establishing partnerships with the world's largest financial institutions.
VOI.id will explain what Ripple and XRP are like to be described below!
Ripple Understanding
Ripple is a leading crypto solution provider for cross-border payment companies. The company provides breakthroughs in the financial system using faster, more transparent, and cost-effective crypto solutions.
Our solutions are faster, more transparent, and more cost-effective solving inefficiency that has long define the status quo. And together with larger partners and developer communities, we identify use cases where crypto technology will inspire new business models and create opportunities for more people, reads a statement from Ripple's official website.
To understand Ripple as a blockchain solutions company, it has a number of important services including RippleNet, On-Demand Liquidity (ODL), XRP Ledger (XRPL).
The company allows financial agencies participating in the RippleNet network to send money globally and instantly. Inter-state remittances can be done in just seconds.
Financial institutions participating in RippleNet will resolve a number of issues in payment systems including; speed and certainty, liquidity management, and transparency.
To make instant delivery in seconds to various countries in the world, Ripple provides a feature called On-Demand Liquidity (ODL). This allows RippleNet customers to take advantage of XRP's digital assets to bridge two currencies in three seconds, ensuring payments are quickly sent and accepted in local currency on both sides of the transaction. XRP is perfect for global payments because it is faster, cheaper, and measurabler than other digital assets.
International payments, especially in developing countries, require companies or financial institutions to have accounts that have been previously funded in the currency. This is an expensive and inefficient way and requires many resources. RippleNet provides alternatives. While every financial institution on the network enjoys reliable, instant, and lower-cost transactions, those using XRP digital assets for liquidity sources can do so in seconds.
XRP Ledger is a decentralized blockchain that uses a protocol consensus to verify transactions. XRP Ledger has a transaction speed of 3-5 seconds and is capable of processing 1,500 transactions per second.
What is XRP?
XRP is an open-source digital asset built to be the most practical cryptocurrency for applications across financial services.
Ripple and XRP Differences
Ripple is a technology company that provides blockchain-based payment solutions, and XRP is a digital asset that is a Ripple product in a cross-border payment ecosystem. Ripple uses XRP as a payment solution because the token has fast, efficient, and carbon neutral transfer capabilities.
Ripple History
In 2012, founders David Schwartz, Jed McCaleb, and Arthur Britto successfully launched XRP Ledger with cryptocurrency XRP. In September of the same year, the three men and Chris Larsen founded a company currently called Ripple. But in 2013, Jed McCaleb left Ripple and started founding Stellar Lumens (XLM).
Bitcoin creator Satoshi Nakamoto, in his email with Mike Hearn on April 12, 2009, commented that Ripple is interesting because it's the only other system to do something with trust rather than centralize it to the server.
Despite attracting Nakamoto's attention, Ripple is currently facing a feud with US regulators, the SEC, and is expected to end soon. Despite all that, Ripple has forged a strategic partnership with financial institutions from various countries. This is the understanding of Ripple, XRP, and its history!
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