XRP (XRP)

XRP is the native cryptocurrency of the XRP Ledger (XRPL), a decentralized, open-source blockchain created by Ripple Labs in 2012. It was designed to enable fast, low-cost cross-border payments and remittances.

Unlike Bitcoin and Ethereum, XRP was pre-mined with a fixed supply of 100 billion tokens. Ripple Labs holds a significant portion of this supply, releasing tokens periodically from escrow accounts.

XRP is often used as a bridge currency for international money transfers, allowing financial institutions to settle cross-border payments in seconds rather than days. This use case has attracted partnerships with banks and payment providers worldwide.

The XRP Ledger uses a unique consensus mechanism called the XRP Ledger Consensus Protocol, which doesn't rely on mining or staking. Instead, trusted validators agree on the order and validity of transactions.

The XRP Ledger processes transactions in 3-5 seconds with negligible fees (typically fractions of a cent). This speed and cost-efficiency make it suitable for micropayments and high-volume payment processing.

The consensus mechanism uses a network of trusted validators to agree on transactions. Unlike proof-of-work or proof-of-stake, this doesn't require energy-intensive mining or token staking.

XRP can be used as a bridge asset in cross-border payments. For example, a payment from USD to EUR can be converted to XRP and then to the destination currency, reducing the need for pre-funded accounts in multiple currencies.

The XRP Ledger also supports tokenization and a built-in decentralized exchange, allowing users to issue and trade various assets on the network.