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XRP is the native token of the XRP Ledger and positions itself as a “fast and green” digital asset that was built “to be the most practical cryptocurrency for applications across the financial services space.” It offers fast transaction settlements, can handle thousands of transactions per second, and relies on hundreds of validators on its network.
The cryptocurrency aims to complement traditional payment methods, and allows regulated entities to follow strict money transmission laws. While more open blockchains like that of Bitcoin (BTC) allow anyone to contribute to the network and validate transactions, the XRP Ledger relies on approved validators.
All 100 billion XRP were distributed when the cryptocurrency was created, with some of the tokens going to its creators, and other being sent out through gifts and giveaways. A large percentage of XRP’s supply is held in escrow.
Several individuals were involved in creating the technology behind XRP and the businesses that helped it grow to become one of the largest cryptocurrencies by market capitalization.
Mt. Gox founder Jed McCaleb, Arthur Britto, and Chris Larsen are often credited for creating XRP. These three individuals have notable careers and were also the co-founders of OpenCoin, a fintech firm that rebranded to Ripple.
Other notable individuals involved included Stefan Thomas, a Bitcoin Core contributor and former Ripple CTO, David Schwarz, co-author of the Ripple white paper, along with Arthur Britto.
Ripple is one of the largest XRP Ledger players and is directly associated with the cryptocurrency. It plays a critical role in developing the XRP Ledger and its ecosystem.
Ripple is a for-profit company founded in 2012 under the name OpenCoin. OpenCoin rebranded to Ripple Labs in 2013, before settling on Ripple in 2015. The company’s involvement with XRP is “focused on building technology to help unleash new utility for XRP and global payments.”
Ripple promotes and uses the XRP token through its RippleNet product, which the company says offers connections to financial institutions worldwide and makes moving money “faster, cheaper and more reliable.”
RippleNet uses XRP to source liquidity for cross-border transactions. Its use eliminates the need to pre-fund accounts and is used by financial giants, including Santander, Bank of America, SBI Remit, Banco Rendimento, and others.
Blockchain data provided by: Blockchair (Block/Ledgers Number only), Ripple Data API (Total Supply only)
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