The Ripple Cryptocurrency (XRP) was produced in 2011 by OpenCoin Corporation, of which Ryan Fugger was its director. Ripple was positioned as a newer and faster alternative to the Bitcoin coin, which will be available to both individuals and businesses.
In 2013, the old development team decided to leave the OpenCoin project. In the process of recruiting the new team, the future director of XRP, Chris Larsen, joined the company. Immediately after that, it was decided to rename the OpenCoin corporation “Ripple Labs”, as well as to change the main activity of the company, focusing on work with the banking sector.
The very structure of the Ripple platform was not based on the decentralized technology of Blockchian, but on the system of gateways. Ripple Labs’ own servers installed in the company’s offices are responsible for the performance of the gateways. In this regard, XRP cryptocurrency is often referred to as “centralized and easily controlled”, as all network transactions can be easily tracked and temporarily “frozen” if desired.
The cryptocurrency system functions thanks to Ripple’s unique algorithm, which uses a special RPCA protocol. XRP code is open and publicly available, so the developers wanted to confirm the transparency of their platform.
With the help of Ripple’s digital asset, users can quickly and securely exchange valuable resources and make transactions between themselves without the involvement of 3 persons. Each transaction on the network is generated in just 4 seconds. The network commission is minimal and amounts to only 0.00001 XRP.
A total of 100 billion XRP coins have been issued and there is no mining capability. 60% of this amount is frozen in the company’s account, the rest of the coins are in the public domain, about 42 billion XRP.