2018-11-21 15:54 |
In the world of finance and crypto, it is quite common to hear people use Ripple and XRP interchangeably. However, the two of them are quite different from each other. While XRP and Ripple are related, it is important to note that they are not the same thing.
About RippleRipple is the company that is making ripples in the world of finance and crypto. It is a provider of technology services. It aims to streamline the payments system globally in all ways possible. The software products that the company creates cover a wide range of areas. XRP is one of them and the XRP ledger is the other one.
Ripple is a company that has also created solutions such as xRapid and RippleNet. Some of the biggest providers of remittance services globally are commercializing the xRapid technology. It is worth noting that most providers of financial services will use products by Ripple. However, they will not automatically use XRP in any way.
At the end of it all, regular consumers will have a hard time trying to own a percentage of Ripple. Unless they can buy stocks in Ripple, they cannot hold a piece of Ripple. This is something that often confuses users in the crypto world. Those who own XRP will often claim that they have a piece of Ripple. In fact, that is wrong. However, those who own Ripple’s stock can make the claim.
What Is XRP?As has been mentioned, XRP is a crypto token that was created by Ripple. It runs on the XRP Ledger, an open source technology, which can be copied and repurposed by others. This ledger is different from crypto. This is because it will not allow the mining or staking of crypto tokens. Instead, the supply of XRP was created before the ledger. However, only a few of the XRP has been released to the masses.
There is an important reason why not all the XRP are in circulation. Ripple, which created XRP, owns about 60 billion XRP. 55 billion of the tokens are in escrow contracts. They will not be offered on exchanges or other trading platforms any time soon. Thus, anyone can own XRP that are already in supply. This is why XRP is traded on exchanges.
The success of XRP in the future is not hinged on the success of Ripple. However, if XRP succeeds, it will benefit the Ripple Company. That is not the only thing that the company relies on. It relies on the board and employees to make major moves. For XRP success, the community members or those who build on the XRP ledger will determine that.
About The LedgerIn the past, the Ripple CEO has had to defend the decentralization of the XRP Ledger. However, he has made it clear that even he cannot control the ledger. He even claims that the ledger is more decentralized than the BTC network. For instance, he has cited that the three major miners based in China could control BTC if they teamed up.
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