About Ripple (XRP)
Ripple (XRP) is a digital payment network and protocol that is used to settle payments, exchange assets and transfer money.
Originally founded by Jed McCaleb and Chris Larsen in 2012 under the name “OpenCoin,” Ripple was created to free people from financial networks like banks and credit cards.
Ripple’s native cryptocurrency, XRP, powers the underlying blockchain known as the “XRP Ledger.” Unlike other cryptocurrency blockchains, only pre-approved participants can contribute power and validate transactions on the XRP Ledger.
Keep in mind, nodes don’t earn tokens from maintaining the XRP Ledger’s transactional history. When the company initially launched, all 100 billion XRP was already created and distributed across individuals and companies.
Instead of transaction fees, the XRP Ledger deducts a small amount of tokens from the total supply whenever a sender conducts a transaction.