Ripple is a technology that acts as both cryptocurrency and a digital payment network for fast and cheap financial transactions.
The system is based on the distributed network protocol, which makes financial transfers using the cryptocurrency Ripple XRP as a token in the network. In short, the money is converted into Ripple (XRP), which is then sent to the Ripple blockchain to another account and then converted back into traditional money.
Ripple was created from scratch without the use of Blockchain technology. That’s whyXRP coin cannot be mined, unlike many other cryptocurrencies. XRP works on its own just like other cryptocoins. It can be stored in a wallet, exchanged between people and used to purchase goods and services.
Key benefits of Ripple:
🔸 Decentralization (distributed payment system);
🔸 Fast transfers (transaction confirmation, as in Bitcoin, is not required);
🔸 Lack of commission;
🔸 Full control of their funds.