Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Designed for peer to peer debt transfer. Not based on bitcoin. Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” The ledger employs the decentralized native cryptocurrency known as XRP, which as of April 2020 was the third-largest coin by market capitalization. In 2013, the company reported interest from banks for using its payment system. By 2018, over 100 banks had signed up, but most of them were only using Ripple’s XCurrent messaging technology, while avoiding the XRP cryptocurrency due to its volatility problems. Ripple validates accounts and balances instantly for payment transmission and delivers payment notification within a few seconds. The company also created its own form of digital currency referred to as XRP in a manner similar to bitcoin, using the currency to allow financial institutions to transfer money with negligible fees and wait-time.
Original author – Chris Larsen &
Programming language of implementation – C++
Initial release – 2012
Development status – Active
Website – ripple.com