How to sell XRP in Singapore
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What is XRP (Ripple)?
XRP is the native cryptocurrency of the XRP Ledger. It is widely known for its use in international transfer and exchange. Unlike most cryptocurrencies, XRP was created with a hundred billion tokens that were distributed to the public periodically. A large portion of XRP tokens is owned by Ripple Labs, which gives the company a controlling interest in the network. This is intended to foster the project’s growth and ensure the cryptocurrency is successful over time. Another portion is held in reserve to be released into the market through sales.
Is Ripple XRP?
XRP is often referred to as Ripple, but XRP and Ripple are completely different. The connection between the two makes it easy to use them interchangeably and has caused confusion. To put it simply, XRP is a decentralised cryptocurrency. Ripple, however, refers to the for-profit company that develops software for fast global financial settlements. Ripple utilises XRP and the XRP Ledger (“XRPL”) to facilitate fast and cost-efficient cross-border payments.
Ripple doesn’t own XRP or XRPL. The company is merely a contributor to the network, with the same rights as other contributors. XRP and XRPL are developed and maintained by an independent entity called the XRP Ledger Foundation.
XRP runs on the XRP Ledger that uses a consensus mechanism with trust-based validation. It is a system that verifies transactions by comparing the information they receive from the previous ledger. Then, a majority of validators need to accept transactions are valid and agree on their order at the same time.
This group of validators is listed on Unique Node Lists (UNLs) with over 150 unique participants. The UNLs are currently being provided and maintained by three publishers – Ripple, the XRP Ledger Foundation, and Coil. These chosen validators are expected to behave honestly and are unlikely to collude to break the rules. Network participants can select which validators they deem reliable, even if they aren’t recommended by the publishers.
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