The Ripple (XRP) project has been around longer than Bitcoin. In 2004, the first precursor to the Ripple protocol, “Ripplepay”, was developed. The Ripple network as we know it today and its cryptocurrency XRP were not introduced until 2012, i.e. after Bitcoin. In contrast to Bitcoin, XRP is not a decentralised cryptocurrency and is supported by more and more traditional financial service providers.
XRP is issued by the company Ripple, instead of being produced by a mining process. This is why Ripple uses less computing and processing power, while allowing higher transaction speeds but is not really decentralised. Ripple’s goal with XRP is not to become an independent alternative to traditional currencies, but rather a global processing network in close cooperation with banks and payments service providers. In the long term, Ripple aims to enable the simultaneous and fastest possible processing of numerous transactions worldwide.
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