Buy XRP in Australia (XRP)

Ripple or Ripple Labs is a private enterprise software company.

Ripple develops payment solutions that use blockchain technology to allow seamless transactions for banks, remittance services, payment providers, and other financial institutions worldwide. It serves as the middleman between two parties in a transaction to confirm that the exchange went through properly.

XRP runs on the XRP Ledger (XRPL).

This blockchain uses a consensus system where validators verify transactions by comparing the information they receive according to the same rules. A majority of validators need to accept the transaction to be verified.

The XRP Ledger currently has over 150 unique participants. Ripple, the XRP Ledger Foundation, and Coil maintain the Unique Node Lists (UNLs). Participants can select either of these parties to verify their transactions based on validators’ past performance, proven identities, and responsible IT policies.

Its hashing algorithm, called HashTree, reaches its consensus by comparing a single number that summarises all information in the ledger’s data. This allows XRPL to accomplish transaction settlements in about three seconds. Each transaction costs 0.00001 XRP or a fraction of a cent, no matter the token's value. XRP’s fast processing speed is why it is a popular choice among the banking, and corporate network Ripple has developed relationships with.

Ripple uses XRP and XRPL to boost its offerings.

The current international payment system suffers from problems with cost and efficiency. Cross-border payments are notoriously expensive and slow since they involve many intermediaries, with a series of long procedures and costly fees for their services.

Ripple provides a solution to these pain points in a world that seeks speed and convenience by offering a quick, simple, and low-cost option with its different products. XRP and XRP Ledger is a solution for settling efficient cross-border transactions, whether it’s traditional money or cryptocurrencies. Eventually, Ripple unified its previous products – xRapid, xCurrent, and xVia –into RippleNet.

This rebranding widened the usage of XRP by using it with on-demand liquidity to send low-cost payments instantaneously without needing to pre-fund the destination account.

The XRP Ledger was created by three developers – David Schwartz, Jed McCaleb, and Arthur Britto.

The founders of XRP were fascinated with Bitcoin but wanted a more sustainable system for exchanging value and sending fast payments. In 2012, the XRP Ledger was launched along with its native currency, XRP. Shortly after the launch, Chris Larsen joined the team and opened a company called OpenCoin, now known as Ripple.

XRP’s primary role is to provide instant and low-cost cross-border payment settlements.

Like all cryptocurrencies, XRP can be used as an investment or digital asset to trade with other digital currencies. However, its primary usage is for international payments and exchanges into other fiat currencies. International transfers can take several business days to complete and incur high transaction fees. XRP transactions are significantly faster and cheaper for cross-border payments and incur much lower fees than any traditional financial network.

XRP serves as an intermediary currency for global transactions. In many cases, fiat currencies can’t be directly exchanged; they are usually changed into the U.S. dollar first, for example. XRP makes trading any fiat currency or cryptocurrency for another at far less cost per transaction than traditional methods.

No, XRP is a decentralised currency.

One of the selling points of cryptocurrencies is their decentralised nature, which removes control from banks and governments. However, some critics view XRPL as somewhat centralised because of its list of validators, and because Ripple holds the majority of stored XRP tokens.

List of Validators

Ripple issues a recommended UNL, a list of validator nodes that maintain and run the XRP Ledger network. Many believe that Ripple chooses and controls who can oversee XRP transactions. However, the company claims that a large portion of validators on their UNL are independent.

Participants aren’t forced to follow Ripple's UNL. They can choose a list from another publisher, like XRP Ledger Foundation and Coil. Users can also construct their own list of trusted validators. As a result, the network can still continue to approve transactions even in the event that Ripple shuts down or acts maliciously.

Ripple's XRP holdings

A major concern from critics is that Ripple holds a large portion of XRP. This portion of XRP was locked in a series of escrows to provide predictability to the digital coin’s supply. Stored XRP is released into the market through sales. This caused concerns as the company could manipulate the price of the cryptocurrency. For instance, they could release large quantities of XRP and dilute the value of the current circulating supply.

The decision to move 55 billion XRP to Ripple’s escrow comes with conditions to maintain the trust of the public or users. This includes not flooding the market, selling OTC to institutional investors to incentivise the XRP ecosystem, and returning unused funds every month to a new escrow.

In addition, Ripple publishes quarterly XRP market reports to add transparency to the use and sale of XRP. It includes the amount released and returned to the escrow.

RippleNet is a payment solution developed by Ripple.

Over the years, Ripple has developed various financial products but eventually consolidated them all under RippleNet. It creates a unified global payment system using blockchain technology and modern Application Programming Interfaces (APIs). With RippleNet, users around the world can move money across borders in a fast, cheap, and reliable manner.

RippleNet also eliminates the need for pre-funding with its on-demand liquidity service. This service provides liquidity from transactions via the XRP token instead of pre-funding the destination account. Using XRP on its on-demand liquidity service, RippleNet can accelerate transferring and exchanging currencies internationally.

RippleNet is a global-spanning operation that provides its services in Australia, the Euro Zone, Japan, Mexico, the Philippines, and the United States.

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