What is Ripple, and why is it making waves in the crypto sea?
Ripple's not just a coin, it's a real-time gross settlement system and remittance network, which offers blazing fast transactions and low fees.
How does XRP differ from other cryptocurrencies?
XRP's unique - it's pre-mined and require no mining. Also, its network is incredibly fast while the fees are really cheap!
Can I use XRP for cross-border payments?
Yes! With Ripple, you can forget about slow SWIFT transactions forever. It's specifically designed for seamless cross-border transactions.
Is XRP a utility token or a security?
In the community, there are lots of opinions on this question. But Ripple itself claims that XPR is a utility token.
How does Ripple foster institutional adoption?
Ripple seeks ways to transform the traditional payment sector by connecting banks and other financial organisations. The keys are On-Demand Liquidity (ODL) of XRP token and fast transactions on RippleNet blockchain.
Can XRP be mined?
No, as all XRP are pre-mined. That means all the supply was created at once in amount of 100 billion coins.
What's the significance of XRP's liquidity in the market?
XRP's high liquidity attracts traders and uplifts trading volumes, which means that it's signaling a healthy market.
How does XRP's consensus algorithm work?
XRP employs neither Proof-of-Work (PoW) nor Proof-of-Stake (PoS). It uses Ledger (XRPL) consensus algorithm to validate transactions, making the whole process faster and more efficient.