Ripple Transaction Protocol, launched in 2012, is a technology that functions as both a digital payment system and a cryptocurrency. Its coin for the cryptocurrency is labeled XRP and is premined. In terms of market cap, Ripple is the third-largest crypto led only by bitcoin and ethereum.
Investors Take Note
Ripple glossary is a compilation of the important Ripple concepts that are useful to traders. Go through the following Ripple XRP glossary table to get a fair idea of all the important terms and their definitions used in the XRP ecosystem.
|Ripple XRP Glossary|
|Cryptography||The study and practice of techniques for encrypted communication in the presence of a third party. In simple terms, encoding and decoding information digitally.|
|Cryptocurrency||A digital asset that works as an exchange medium using cryptography to protect financial transactions, validate asset transfer, and manage additional blocks. It is a decentralized system.|
|XRP||A cryptocurrency used by the Ripple payment system. A native to Ripple ledger, XRP is developed for enterprise use to facilitate cost-efficient and fast cross-border transactions.|
|XRP Ledger (XRPL)||A decentralized record-keeping system of XRP wallets, wallet balances, and every single exchange posted to the ledger. It is powered by a group of P2P servers.|
|XRP Ledger Consensus Protocol (XRPL-CP)||An agreement protocol used to record exchanges to the XRP ledger. It can reach an agreement without the need for a complete consensus on which nodes are network members.|
Ripple Labs Inc. was established in 2012. It develops and sells licensed products and services like RippleNet, which is an institutional payment-provider network comprising banks and other money-service providers who use Ripple-developed solutions to facilitate hassle-free cross-border financial transactions, according to XRP News. RippleNet has a membership of around 300 financial institutions across 40 countries in 6 continents.
Ripple’s other services include:
- SBI Ripple Asia: An innovative payment platform that aims to speed up the commercial use of blockchain in Korea and Japan
- InterLedger Protocol(ILP) Launch: Connects blockchains and other ledgers and ensures interoperability among them
- On-Demand Liquidity (ODL): Facilitates RippleNet customers to use XRP to source liquidity on-demand
- Xpring: A developer platform that builds infrastructure and aids innovative blockchain to grow
- UBRI(University Blockchain Research Initiative): A program that supports and speeds up academic research, developments in technology, and modernization in blockchain cryptocurrency and e-payments
And, MoneyGram uses Ripple’s ODL to power its RippleNet exchanges between Mexico and the United States. There is also a RippleNet committee that develops and maintains a rulebook to make certain consistency of operations and legal clarity for every single exchange.
On the whole, XRP is a digital currency indigenous to Ripple Ledger and XRP exchanges are organized and controlled via the XRPL-CP. Financial institutions buy products (software) from Ripple Labs Inc. that allows them to use XRPL and XRPL-CP to facilitate the faster and easier transfer of money worldwide. The company works with governments, central banks, and other regulators to enhance the way the world moves money. Apart from that, If you want to know about the live price and XRP price prediction then you must visit one of the leading cryptocurrency platforms.