How XRP works #crypto2023 $XRP ( please follow, share like and comment your own points and also ask questions and let me know the crypto coins you want to know more about)$XRP #Binance

The XRP Ledger is a permissionless network of peer-to-peer servers that powers XRP operations.

XRP is the native token and is intended to act as a “bridge” between hard-to-match fiat currencies. So if, for example, there are no market makers on the network willing to trade shekels for shillings, one can sell the shekels for XRP and then use XRP to buy shillings.

The XRP ledger uses the Federated Consensus algorithm, which differs from proof-of-work and proof-of-stake mechanisms in that network participants are known and trusted by other participants. Unlike miners, they are not rewarded for securing the network.

Once validators agree, a new block – a “ledger version” – is created and validated. The block’s content cannot be changed. That allows servers in the network to store a complete history of the ledger state.

In order to access the XRP Ledger, connected applications can use HTTP or WebSocket APIs. They can also use a library, available for a variety of programming languages, including Java, JavaScript, Python and more. That ledger is “open source,” meaning its software code is open to the public.

XRP is also used to provide on-demand liquidity (ODL) for Ripple’s flagship RippleNet service – a global payments network of financial institutions that was originally three separate products prior to 2019, including xCurrent ( a real-time settlement system), xRapid (a liquidity product) and xVia (a payment application programming interface.)

ODL is simply the process of exchanging one fiat currency, say U.S. dollars, for XRP tokens, sending those tokens to a receiving account that then exchanges the XRP for their local fiat currency, say, Philippine pesos. Unlike fiat currencies that can take days to send, XRP transactions usually take around 3 seconds.#crypto2023 $XRP #Binance