Ripple is not a cryptocurrency. Neither is it a payment network. Instead, Ripple (Ripple Labs, Inc.) is a technological company that has been developing RippleNet, a global, real-time and cost-efficient payment network. One of the greatest advantages of RippleNet is that it enables the ownership of any type of assets to be transferred – from everyday currencies to things like gold, crude oil and frequent flyer miles.
What is Ripple? (XRP)

Additionally, the Ripple company is the issuer of XRP, the XRP ledger’s native cryptocurrency. At the moment, XRP is one of the largest cryptocurrencies by market cap, on par with the largest cryptocurrencies like BTC and ETH.

Currently, the primary focus of the Ripple company is on the financial industry. Ripple’s base objective is to provide major financial institutions with access to RippleNet, facilitating their operations and reducing the costs associated with their business.

RIPPLE ESSENTIALS

  • Ripple is the company behind RippleNet and the XRP coin.
  • The primary focus of Ripple is developing services for the banking sector.
  • Their vision is to create the internet of value, which would make it possible to transfer money as frictionlessly and freely as data is transferred over the internet.

Brief history of the company

The history of the Ripple company dates back to 2004 and the Ripplepay payment protocol. The protocol was developed by Ryan Fugger, a developer who wanted to design a decentralized monetary system that would allow individuals and communities to create their own money. Fugger’s financial service was launched in 2005, providing secure payment options to members of an online community via a global network.

With the dawn of cryptocurrencies, namely Nakamoto’s inception of Bitcoin in 2011, a new version of the protocol was developed which built upon Bitcoin’s underlying blockchain technology. However, the mining process was eliminated altogether in order to speed up block creation, cut the exorbitant electricity costs associated with mining, and eliminate reliance on centralized exchanges.

This lead to the establishment of the OpenCoin company in 2012. A year later, the company was renamed to Ripple Labs – the name under which it is still known to this day.

Ripple’s vision

Ripple’s primary focus is on providing services to the financial industry, specifically the banking sector. Hence, their products are designed to be used by major corporations, enterprises, banks, and payment service providers all across the globe.

With their network of institutional payment providers, and XRP as a means of ensuring network security, Ripple aims to lay the foundation for what is commonly referred to as the internet of value (IoV). The innovative technological company has envisioned a global network that would allow money to be transferred around the world as fast and frictionlessly as data is, with the associated costs as low as possible. This is precisely what RippleNet has set off to achieve.

How to buy XRP

You can buy the Ripple coin on Bitstamp. Sign up for a Bitstamp account and start trading XRP today!

Disclosure: Bitstamp is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.   

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