XRP Ledger

The XRP ledger is a blockchain led by a developer community with a native cryptocurrency Ripple (XRP), launched in 2012. It refers as a global payments network, serving major banks and financial services for example.

What is XRP?

Initially, XRP was created for use in Ripple, which was developed by Ryan Fugger (2004), Jed McCaleb, Arthur Britto, David Schwartz (2011) and Chris Larsen (2012). OpenCoin Company, which was renamed Ripple Labs and created XRP for use in Ripple.

In 2013, the total $100 billion XRP generated was divided 20% to the tokens and 80% to Ripple Labs. Ripple Labs later gave 0.2% of the total to the organization. Charities in which researchers volunteered to join the project.

What is Ripple?

Ripple uses peer-to-peer transactions and has a protocol for Fiat-to-Crypto/Crypto-to-Fiat: XRP (Crypto) is used as the intermediary of inter-currency exchanges (Fiat, Fiat) and Cryptographically-signed issuances are used, enabling transactions to be processed in near real-time and have the right transaction value Originally, it took days to transfer money across the country. It takes no more than 4 seconds to process the transaction. And it can handle 1,500 simultaneous transactions using Ripple Protocol Consensus Algorithm (RPCA), which uses votes from trusted nodes in each server's Unique Node List (UNL).

Are XRP and Ripple the same?

Ripple is a Private/Consortium Blockchain network for payments financial institutions that use XRP as a bridge currency for cross-currency transactions. In short, Ripple and XRP use the same technology. But XRP traded on the market does not share a network with any financial institution that uses or owns Ripple. However, despite efforts to increase the number of validators to make XRP more decentralised, transactions can be freeze on the destination when the transferred funds are exchanged for a currency other than XRP if the transaction is found to be suspicious.

XRP cannot be mined!

Instead, the validating nodes authenticate transactions by conducting polls. This allows faster and cheaper transactions, validated in 3 to 5 seconds. It is also less energy-consuming as it doesn't rely on a mining consensus.

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About Scorechain

Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 40 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.

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