All About Ripple IRa
What is Ripple?
XRP is digital currency and Ripple is the open payment network within which that currency is transferred. Ripple connects banks, payment providers, and digital asset exchanges via RippleNet to deliver one smooth experience to send money globally. It is based around a shared, public database that allows for payments, exchanges, and remittance in a distribution process.
5 Things to Know About XRP
- XRP and Ripple are two different things – People often confuse Ripple and XRP as being one in the same. In fact, they are two different things. Ripple is an open payment network, while XRP is the digital asset.
- XRP isn’t trying to replace fiat currency – XRP works with fiat currencies on more than 10 digital exchanges to transfer value across borders.
- XRP isn’t mined like Bitcoin – XRP is not a mined digital asset. Every unit of currency that exists has already been created by Ripple.
- XRP operates at a much greater scale and speed than Bitcoin – Bitcoin blockchain technology can only process 7 transactions/second, while the XRP blockchain ledger can process more than 1,000 transactions per second.
- XRP is the future of global asset exchanges – The speed, scalability, security and low costs of the Ripple Network and XRP all but guarantee that banks and financial institutions will eventually make the switch from traditional exchanges.