Ripple, also known as XRP, is a digital payment protocol and a type of cryptocurrency. This article aims to provide an understanding of Ripple, how it works, its applications, the team behind it, and its price evolution over the years.
The Concept and Functionality of Ripple
Ripple is, in essence, a real-time gross settlement system, currency exchange, and remittance network. Created by Ripple Labs Inc., it is built on a distributed open-source protocol, allowing for a seamless transfer of money in any form. Unlike Bitcoin, which relies on the confirmation of miners for transactions, Ripple utilizes a consensus protocol to validate account balances and transactions.
Applications of Ripple
Primarily, Ripple is designed to move large amounts of money more quickly and reliably. It is favoured by financial institutions looking to modernize their real-time payment systems. Ripple's payment protocol can enable an interbank activity across 27 countries. The system is powerful enough to process 1,500 transactions per second (TPS) and can be scaled to handle the same throughput as Visa.
Ripple's Development Team
A group of dedicated and tech-savvy individuals forms the team behind Ripple. Some of the key figures include Brad Garlinghouse, the CEO of Ripple Labs, and David Schwartz, the CTO. The team has continued to innovate and work towards pushing financial inclusion through Ripple and its associated services.
Ripple’s Price Evolution
Since its inception in 2012, the price of Ripple's XRP has seen significant fluctuations. It was worth less than $0.01 before 2017 but saw a huge surge to around $3.84 at the beginning of 2018. However, like most cryptocurrencies, its value is inherently volatile. Despite this, Ripple remains one of the top five cryptocurrencies by market cap.
In conclusion, Ripple and its native token, XRP, have significantly impacted the world of cryptocurrency with its unique functionality. Its innovative platform carries the potential to revolutionize the way funds are transferred globally, making it a cryptocurrency to watch closely in the years to come.
