What is XRP? This cryptocurrency is a real-time gross settlement system (RTGS), remittance network and currency exchange by Ripple. Also known as the Ripple protocol or Ripple Transaction Protocol (RTXP), it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP.
XRP was released in 2012 by Ripple which purposts to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing crypocurrency, fiat currency, commodity or any other unit of value such as mobile minutes or frequent flier miles. At the core of XRP is a shared, public database or ledger that utilizes a consensus process which allows for exchanges, payments and remittance in a distributed process.
The XRP network can function without the Ripple company. Among validators are internet service providers, companies, and the Massachusetts Institute of Technology.
Used by companies such as UBS, Santander and UniCredit, XRP has been adopted by more and more banks and payment systems as a settlement infrastructure technology. In fact American Bankere states that “from banks’ perspective, distributed ledgers like the Ripple system have a number of advantages over cryptocurrencies like bitcoin,” including price and security.
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