Ripple, which is symbolized by the symbol XRP, is one of the encrypted digital currencies Cryptocurrency, it is true that it did not reach the popularity and price of Bitcoin or Ethereum, but most researchers expect it to have strong growth and a bright future.
Its beginning was in 2004 by a software developer from Vancouver, British Columbia named Ryan Fugger, who developed the Ripple payment protocol with the aim of creating a decentralized monetary system, and in 2005 RipplePay.com appeared as a financial service to provide safe payment options for users.
In 2011, the development of the digital currency XRP began, provided that transactions are verified by consensus among members of the network based on records and nodes similar to the Blockchain chain instead of the traditional mining idea found in Bitcoin, and with this the new version of the Ripple system was designed , which reduced the use of bitcoin in exchanges and was faster to conduct transactions, and less expensive, and in September 2012 OpenCoin Inc. was established..
Developed by OpenCoin Inc. A new payment protocol called Ripple Transaction Protocol or RTXP, based on the same principle that Ryan Fugger worked on in the beginning, and this protocol facilitated the process of exchanging and transferring funds with very low fees and in a very short time.
100 billion units of the Ripple currency have been issued since its inception, with no more units allowed to be created according to the rules of the protocol, and one unit of the Ripple 1RXP can be divided into a million units smaller than it (0.000001) called the drop, and to alleviate concerns about an increase in the supply of the currency Ripple The company reserved 55 billion ripples in a private crypto warehouse that allows only one billion units to be used per month, with what is not used returned to the warehouse again, so that the currency distribution movement can be tracked.
The Ripple payment system or RippleNet is a general settlement system that contains the data of users wishing to carry out their transactions through it, so that each transaction is saved in a designated "block" place on the blok network according to specific coding codes that are linked to each other, forming the main chain of the network's transaction history as a whole.
The idea of the Ripple exchange protocol is simple and can be summarized by the fact that if you want to transfer an amount of money in your local currency, let it be the US dollar, to a friend who lives in Britain, for example, and his currency is the Sterling pound, you use the Ripple network to convert your dollars into Ripple, and it is transferred at a very high speed that may be estimated in seconds to your friend, then your friend transfers it Back to sterling, thus saving time, fees and commissions on the money transfer process – that is, it can be considered that Ripple is a fast alternative technology to SWIFT or Western Union.