XRPL community has a diverse set of software engineers, server operators, users, and businesses who maintain the XRP Network. It is known for its goal to create a more sustainable digital asset that is built specifically for fast payments and less energy. After its launch in June 2012, the group started the Company as NewCoin in September, which was renamed to OpenCoin then currently named Ripple, and its native token is often listed among the top 7 cryptocurrencies by market capitalisation. The servers in the XRP Network consensus mechanism process each transaction based on the same rules and the transactions that follow the protocol are instantly confirmed. The XRP Network has public transactions with strong cryptography to guarantee the system's integrity. Additionally, there are currently over 150 validators active on the ledger operated by businesses, exchanges, universities, and individuals.
Briefly about XRP Ledger
David Schwartz, Jed McCaleb, Arthur Britto, and Chris Larsen began developing the XRP Network in 2011 and launched it in June 2012. The network supports the XRP Coin, known as Ripple, which facilitates these transactions. XRP is the native digital currency on the XRP Ledger, an open source and permissionless, distributed ledger that can settle transactions in 3 to 5 seconds. The blockchain also supports transactions involving fiat currencies, other cryptocurrencies, and commodities. Issuers hold assets of equivalent value outside of the XRP Ledger and issue tokens representing the value on the ledger.
The XRP Ledger: A scalable and sustainable blockchain.CryptoLists.com
XRP Blockchain is a distributed ledger that includes a digital asset, Ripples XRP as its currency coin. The XRP network solution supports fast transactions but not smart contracts. The network has been developed to provide rapid and safe transactions to banks using blockchain technology. The network has features that make its consensus protocol, including a server running the software, a ledger, a last-closed ledger, an open ledger, a unique node list, and a proposer. The fast, efficient, and reliable features give the network an advantage in the crypto community.
Utility of XRP Ledger?
Developers, validators, users, and businesses enhance the blockchain daily as they use it, and anyone can use the blockchain as it is a decentralized public network giving access to anyone that can connect to the peer-to-peer network that manages the ledger. It also facilitates instant cross-border payments by bridging currencies and Central banks can use the private version of the XRP Ledger in issuing sustainable central bank digital currencies. It is a powerful utility for developers as it supports sustainable blockchain applications and innovations.
Additionally, it is used to facilitate transactions between cryptocurrencies and bank ledgers. The blockchain offers crypto liquidity with fast and low-energy transactions.
Release Date: July 10, 2012
Advantages at XRP Ledger+ It offers fast settlement of transactions within 3 to 5 seconds.
+ Users of the XRPL blockchain incur low fees of 0.0001 XRP.
+ The XRPL Network also processes transactions in fiat currencies, crypto, and commodities.
+ It has institutional market adoption with Santandar, Axis Bank, and Yes Bank.
Disadvantages- It does not support smart contracts like many other networks.
- Recent regulatory lawsuit by SEC against XRP has made some investors worried, even if they have a good case.
- XRPL is highly centralized through trusted validators.
- There are no bulk fees hence the payment of each transaction.
Costs▪ Rated at 10/10
Facilitation of transfers with the network has a cost that scales with the load of the network that protects the peer-to-peer network from spam. The current minimum transaction cost required by the network for a standard transaction is 0.00001 XRP equivalent to 10 drops. Occasionally, the transaction cost increases because of a higher-than-usual load.
The fee levels represent the proportional difference between the minimum cost and actual transaction cost. The minimum cost in fee levels is 256 drops. Also, the actual calculation formula of the transaction cost is as follows:
Current Transaction Cost in Drops = (base fee × load factor) ÷ load base.
Reputation and Buzz▪ Reputation rated at 10/10
▪ Buzz rated at 9/10
XRPL ecosystem has been around for several years, suffice to say, it is a reliable and solid network in the crypto world. As it has its consensus mechanism via a group of bank-owned servers to confirm transactions, it is consistently listed in crypto lists among the top ten blockchains and its cryptocurrency coin is also among the top by market capitalization. Many observers report that the token has the potential to beat Ethereum as it does not require mining, and it has a different working mechanism that attracts more people. Its readily available and integration make it a good network to use. Its offering of cross-border payments while assisting banks to develop their digital currencies has further built on its popularity. The transaction speed is quite fast as people tend to say about it. There is still uncertainty over the SEC lawsuit against the blockchain company which greatly affects its native token price.
Who created XRPL blockchain?
The XRPL ecosystem together with its blockchain was developed by three engineers, David Schwartz, Jed McCaleb, Arthur Britto, and Charles Lensen in 2012.
Is XRP Ledger Network the same as the hardware wallet?
No, they are different entities. If you are looking for the hardware wallet with a similar name, go here instead to buy a Ledger Wallet.
Is XRP Blockchain proof of stake?
No, it relies on a Ripple Ledger Consensus Protocol to validate account balances and transactions on the system.
Will XRP Blockchain overtake Ethereum?
The technologies have different target audiences but it is better as it is faster, cheaper and more scalable, and more efficient as compared to Ethereum hence it can overtake the Ethereum blockchain.
What makes the XRP blockchain better than others?
Unlike many other networks, it does not need mining and does not waste any energy in the transaction process. Therefore, the XRP ecosystem makes it a green network.
History about XRP Ledger
12th of May, 2017 - The first record of the XRLP website is from 12th of May, 2017.
June, 2018 - A new slogan on the official website goes live: The XRP Ledger is open-source technology that anyone can use.
April, 2020 - XRP Ledger was promoted as having a fast and efficient consensus algorithm and being a digital asset for payments.
November, 2020 XRP was now promoted as the best digital asset for payments on the frontpage.
Screenshots from XRP Ledger
Native crypto coin for this blockchain? Learn more about Ripple (XRP)XRP is the native coin for XRP Ledger. It is therefore also worth reading more about that on the link below.
›› Read our full Ripple review here