XRP Overview
What is XRP?
XRP is a digital asset built for payments. It is the native cryptocurrency of the XRP Ledger, an open-source, permissionless and decentralized blockchain technology that can settle transactions in 3-5 seconds.
XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently.
Key XRP Facts
- Created in 2012 by Ripple
- Total supply capped at 100 billion XRP
- No mining - all XRP already exists
- Transactions settle in 3-5 seconds
- Minimal transaction cost (0.00001 XRP)
- Energy efficient consensus mechanism
XRP Use Cases
- Cross-border payments and remittances
- Liquidity sourcing for financial institutions
- Currency exchange bridge
- Micropayments and retail transactions
- Tokenization of assets on the XRP Ledger
XRP vs. Ripple
While often mentioned together, XRP and Ripple are distinct entities:
XRP
The independent digital asset that exists on the XRP Ledger, a decentralized blockchain.
Ripple
A technology company that builds financial solutions and services using blockchain technology.
XRP Ledger
The open-source distributed ledger that XRP is built upon. It's maintained by a global community.
Why XRP Matters
XRP stands out in the cryptocurrency space due to its focus on solving real-world financial problems, particularly in the cross-border payments sector. Its speed, low cost, and scalability make it an attractive option for financial institutions looking to improve their payment infrastructure.