What is Ripple Cryptocurrency (XRP Coin)?

Ripple XRP Coin

XRP Coin Price

Ripple is a centrally controlled blockchain solution for global payments aimed at banks, enterprises, and companies that move a lot of money.

Ripple (XRP) is not decentralized unlike almost every other cryptocurrency, and aims to help other centralized organizations move money faster and safer using blockchain technology (although, not true blockchain technology).


In 2004 web developer Ryan Fugger developed the predecessor to Ripple, Ripplepay.

The intention was creating a monetary system, decentralized and free for people to create their own money.

In 2005 ripplepay.com was released to help bring it to the global marketplace of the Internet.

Then in 2011, Arthur Britto and David Schwartz designed a new system outline by Jeb McCaleb of the eDonkey network, becoming the Ripple system. This system differed in that it didn’t need mining but was verified by consensus of community members.

Chris Larsen joined the team in 2011, as Fugger handed off the reigns, and later they formed OpenCoin inc in 2012. It was through opencoin that the company created the XRP coin, and made a common ledger "managed by a network of independent validating servers that constantly compare their transaction records.(1)"

In 2013 they got funding from Andreessen Horowitz and Google Ventures, later changing their name from OpenCoin to Ripple Labs, which it currently is today.

The first bank to use ripple, Fidor Bank, announced a partnership in 2014, kickstarting their financial institution partnerships.

Bank of America and HSBC then partnered with Ripple, bringing them to over 65 different countries, as they planned to launch an instant international bank transfer plan in 2015.

Then after a fine because of the Bank Secrecy Act, they agreed to only transact through registered money business services when it came to XRP and Ripple trades.

In June of 2016 Ripple became the fourth company to get the BitLicense to operate a virtual currency out of New York State Department.

Ripple is now partnered with various major banking and finance institutions around the world with offices in London, Australia, the U.S., and more.


Xrp was founded with the original intention of the decentralized, open marketplace for people to create their forms of money.

Granted today the purpose is much different.

Ripple (XRP) is known to be the major centralized cryptocurrency, turning many off from investing in it.

While the purpose of many cryptocurrencies is decentralization, ripple coin helps banks hold their reigns...

Working with the institutions which many in the community rally against.

Ripple cryptocurrency fulfills the major purpose of being an instant, safe, and quick payment transfer method for banks and financial institutions.

They have partnerships with many financial institutions which are currently using them.

By utilizing their protocol, they can send large amounts of money internationally in just seconds.

A lot different from the long, tedious wire transfers that these institutions are used to.



Process Payments - XCurrent:

Ripple has three major parts inside of its technology.

Besides having a blockchain of its own, XRP uses a technology called Xcurrent to process payments.

Xcurrent is an enterprise software that helps banks instantly settle cross-border payments with end-to-end tracking. In other words, it is faster and more efficient for bank payments than what is available today.

Banks can use the platform to real-time message each other and then settle payments on the spot.

It also contains a rule book for operational clarity and to ensure that legally, everything is set in stone.

XRapid - Low-Cost Liquidity:

When financial institutions or payment providers want to increase customer experience but lower liquidity costs, Xrapid is the platform to use.

What Xrapid inside of ripple does is uses its digital asset XRP to offer an on-demand liquidity.

This can dramatically lower costs while enabling real-time payments in emerging markets.

Again, this is built for banks and financial institutions.

Xvia - Standard Payment Interface:

This technology is meant for corporations, payment processors, and banks who want to send payments cross-borders. Although, using a standard payment interface.

In banking almost nothing is standardized with the money and regulations - Xvia helps.

This API doesn’t require software installation while allowing the participant to send payments globally with transparency into payment status and with rich information, like invoices.

Fast, Scalable, Distributed:

The last few benefits are those touted by the XRP coin itself.

Ripple is fast and can settle transactions within 4 seconds or less.

Currently, it handles 1,500 transactions per second but will be aiming to scale to the rate at which Visa can settle payment transactions.

Ripple uses open-source technology with multiple distributors around the world and the principles of a blockchain.


Ripple is a centralized company.

They do work with the banking and financial institutions that most cryptocurrency aims to move around.

Money inside of the banks and the institutions that can print it limitlessly is a world-wide problem, as something like the FDIC can barely ensure any of the money that is actually in the world.

And cryptocurrency aims to stop that.

Although Ripple is a centralized application for banks and these institutions to transport money quickly across borders.

Which it is good at.

Which goes against much of the paradigm that this very movement aims to establish.

What We Think of Ripple Coin

We at GCA are skeptical of Ripple.

Being as centralized as it puts us off.

We are in this movement for the change that can be brought to the world, and that comes through multiple lenses.

While the ability to clear and have quicker transactions is good for banks, it doesn’t help people.

Maybe money will clear faster, yet with Bitcoin or Ethereum this happens fast as well.

And it is your money that you can use.

We currently do not hold any XRP coins.

Ripple is good at what they do, yet it doesn't lie within the same goal as we aim to help achieve:

A globally interconnected planet where people communicate with each other.

Thanks for reading and check out the “How To Buy Altcoins” guide below in our Messenger to learn how to get a ripple.

The GCA Team


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February 23rd 2018, 06:28