Ripple cryptocurrency. The history of creation, the principle of operation, the main features

17.09.2022 |

About Ripple

The Ripple (XRP) cryptocurrency was born in 2011 by OpenCoin Corporation, whose director was Ryan Fugger. Ripple was positioned as a newer and faster alternative to the Bitcoin coin, which will be available to both individuals and legal entities.

In 2013, the old development team decided to leave the OpenCoin project. In the process of recruiting a new team, the future director of XRP, Chris Larsen, joined the company. Immediately after that, it was decided to rename the OpenCoin corporation to Ripple Labs, as well as to change the main direction of the company’s activities, focusing on working with the banking sector.

The very structure of the Ripple platform was carried out not on the basis of decentralized Blockchain technology, but on a gateway system. Ripple Labs’ own servers installed in the company’s offices are responsible for the performance of the gateways. In this regard, the XRP cryptocurrency is very often called “centralized and easily controlled”, since all transactions of the network can be easily tracked and temporarily “frozen” if desired.

The cryptocurrency system functions due to the unique Ripple algorithm using a special RPC protocol. The XRP code is open and publicly available, so the developers wanted to confirm the transparency of their platform.

With the help of the Ripple digital asset, users can very quickly and safely exchange any valuable resources and conclude transactions among themselves without involving 3 of their persons. Each transaction in the network is formed in just 4 seconds. The network commission is minimal and is only 0.00001 XRP.

In total, 100 billion XRP coins were issued, there is no mining option. 60% of this amount is frozen in the company’s account, the rest of the coins are publicly available, about 42 billion XRP.

Will XRP appear on Cryptex.net ?

At the moment, the exchange Cryptex.net conducts technical developments on the addition of XRP cryptocurrency for trading. In the near future, RP will be available for purchase and sale on Cryptex.net