[Ripple’s XRP ledger may be the hottest thing in the crypto industry right now]
XRP Ledger (XRPL) is a decentralized public blockchain created by Jed McCaleb, Arthur Britto and David Schwartz in 2012. It aims to provide a fast and efficient global payment infrastructure and support the transfer of digital assets XRP and legal currencies. Different from traditional Proof of Work (PoW), XRPL uses the Ripple Protocol Consensus Algorithm (RPCA), where a group of professional verifiers are responsible for confirming transactions and ensuring the security and integrity of the network.
Designed for scalable functionality and fast transaction settlement, XRPL can process large numbers of transactions per second and complete them within seconds, making it suitable for applications that require fast execution. In addition, XRPL also supports smart contracts and tokenization, making it applicable to the decentralized finance (DeFi) industry, such as lending and decentralized exchanges.
On August 9, Ripple released the stablecoin Ripple USD (RLUSD), which will be tested on XRPL and Ethereum for instant cross-border fund transfers. Additionally, RippleX announced that tokenization platform OpenEden will introduce U.S. Treasury tokens to XRPL for the first time, marking an important step for traditional assets to enter the DeFi industry.
David Schwartz, Ripple’s chief technology officer, said that Ripple is now focused on integrating XRP Ledger’s technology into its own operations to provide secure and compliant DeFi services to customers around the world. Recent data shows a significant increase in XRP Ledger activity, reflecting growing adoption of its infrastructure.
