For more information on this project, check out our information on XRP. What is XRP? XRP is the native cryptocurrency for products developed by Ripple Labs Inc, a cryptocurrency payment system. XRP is your "digital asset built for global payments." XRP would allow users to send money at a very low cost, attracting potential interest from both retail customers and banks. A key value proposition of Ripple is its minuscule transaction costs and offers less than five seconds of transaction purpose. The company was founded in 2012 by Chris Larsen and Jed McCaleb and is based on the work of Ryan Fugger who created XRP Ledger in 2012. XRP Ledger is an open source crypto ledger powered by a network of peer-to-peer nodes. McCaleb eventually left Ripple and founded Stellar, another payment-oriented cryptocurrency. After the company changed its original name from OpenCoin to Ripple, it pursued high-end partnerships with Bank of America, Santander, and Standard Chartered. How does XRP work? alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system for international transaction processing, which must be done through the Internet of Value, which is the umbrella term for many of Ripple's products: RippleNet, XRP Ledger, XRP coin and RippleX. RippleNet is your global network that financial institutions can use to transfer money faster and at a lower cost than traditional systems. This is possible thanks to the only API needed to connect to RippleNet. RippleNet also offers On-Demand Liquidity (ODL), thus eliminating the need for pre-financing in cross-border transactions. It basically acts as an intermediary between two trading parties and smooths the liquidity between different foreign currencies. For example, a European retailer may not want to receive US dollars and vice versa. ODL steps in and uses XRP as a bridge to facilitate the transaction. XRP Ledger is Ripple's open source blockchain with the XRP coin as its native asset. It works independently from the Ripple company, although it is used by Ripple for various purposes. While not as popular as other blockchains, the XRP Ledger can also be used as a settlement layer. Unlike Ethereum, XRP Ledger does not use a proof-of-work consensus mechanism. It also does not work with a proof-of-stake consensus mechanism like many other cryptocurrencies. Instead, it uses the XRP Ledger Consensus Protocol, which is a more centralized and efficient solution to reduce transaction time and costs. With XRP Ledger, transactions can be completed in seconds, much faster than Bitcoin's ten-minute block time or traditional systems like SWIFT. Finally, RippleX is a platform that offers blockchain solutions to projects that want to provide payment-oriented services. Instead of building their own DApps and blockchain solutions from scratch, businesses can leverage RippleX and XRP Ledger's expertise and products to provide mainstream compatibility and an engaging user experience. So far, two protocols have been released on RippleX: Interledger, a payment company that provides compatibility between different payment systems, and PayString, a solution that simplifies payment addresses. In conclusion, Ripple has a naturally interesting value proposition for cross-border payments, which has not been adequately addressed by other protocols to date. Ripple can become a legitimate alternative to the SWIFT system with its increased speed and efficiency, according to the company. How to Buy XRP XRP is available on most centralized exchanges like Binance, Bithumb, KuCoin, Huobi Global, Bybit, Gate.io, FTX, Bitstamp, Bitfinex, Kraken and others. How is XRP stored? XRP on an exchange, where the exchange is responsible for the security of your asset, or stores your XRP in a hot or cold wallet.