Ripple's cryptocurrency, XRP, is a digital asset that facilitates fast and affordable international financial transactions. Unlike Bitcoin, which aims to replace traditional banking systems, XRP is designed to complement them.
Key Features
- High Transaction Speed: XRP transactions are confirmed within 4 to 5 seconds, which is significantly faster than traditional banking systems.
- Low Transaction Costs: XRP transactions are among the cheapest in the cryptocurrency space.
- Scalability: XRP can handle up to 1,500 transactions per second, making it suitable for high-volume transactions.
Use Cases
- Cross-Border Payments: XRP is widely used for international money transfers, providing a faster and more cost-effective alternative to traditional methods.
- Financial Institutions: Many banks and financial institutions are exploring the use of XRP to streamline their cross-border payments.
How It Works
XRP operates on a decentralized network called the RippleNet. Unlike Bitcoin, which uses a proof-of-work consensus mechanism, RippleNet uses a consensus protocol that requires validators to agree on the ledger's state.
Learn More
To delve deeper into XRP and RippleNet, you might find the following resources helpful:
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