XRP is a cryptocurrency used on the Ripple network, a network specializing in money transfers and international payments. XRP was developed by Ripple Labs to facilitate global money transfers quickly and at low cost.
Characteristics of XRP:
1. Main purpose:
It is used to speed up and settle international payments between banks and financial companies.
For example, banks can use XRP as an intermediary to convert different currencies (from dollars to euros, for example) in seconds.
2. Speed:
Transaction processing takes about 3-5 seconds, which makes it faster than traditional currencies or other digital currencies such as Bitcoin.
3. Cost:
Transaction fees using XRP are very low compared to traditional systems.
4. Technology used:
It relies on the decentralized ledger (XRP Ledger), an open-source system that records all transactions on the network.
5. Supply:
The maximum total amount of XRP coins is 100 billion units, and they are pre-issued, which means that all coins already exist and are not mined like Bitcoin.
Uses:
Used by banks and money transfer companies such as Santander and American Express to settle international transactions.
XRP is used as an investment tool like other cryptocurrencies.
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