Launched in 2012, Ripple‘s objective is to enable secure, instant and nearly free global financial transactions of any size with no charge backs. It supports tokens representing fiat currency, crypto-currency, commodity or any other unit of value such as frequent flier miles or mobile minutes.At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Ripple has been increasingly adopted by banks and payment networks as settlement infrastructure technology. From banks’ perspective, distributed ledgers like the Ripple system have a number of advantages over crypto-currencies like bitcoin, including price and security.
XRP is the native currency of the Ripple network. There were 100 billion XRP created at Ripple’s inception, with no more allowed to be created according to the protocol’s rules.The smallest unit is called a drop, with 1 XRP being equivalent to 1 million drops.
Within the network’s currency exchange, XRP are traded freely against other currencies, and its market price fluctuates against dollars, euros, yen, bitcoin, etc. XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments.
Rather than an alternative crypto-currency, Ripple’s focus is to be a currency exchange. However, because of its real-time international money transfers, Ripple is perceived to be a significant competitor of Bitcoin.
XRP is available at the following exchanges: Bitbank, Bitcoin Co. Ltd, Bitcoin.co.id, Bitsane, Bitstamp, Bitso, BTC Markets, BTCXIndia, CoinOne, Coincheck, Gatehub, Korbit, Kraken, LiteBit, Qryptos.