Ripple stands both for the digital currency (XRP) and and open payment network where currency is used. Being originally created by Ripple Labs, which it continues to be backed by, it is built upon a d
istributed open source internet protocol that allows near instant and very low fee transactions to occur..
It is considered a more “centralized” currency than Bitcoin or Ethereum, as development is handled by Ripple Labs exclusively. Another very important distinction between Ripple and other digital currencies is that transactions on the network are not validated by miners, but rather by the network participants themselves.
More and more banks and institutions are interested in Ripple’s underlying technology to facilitate faster and much cheaper banking transactions. This sets Ripple as a sort of anti-hero to Bitcoin and other cryptocurrencies whose goal is to separate financial transactions from the traditional financial organizations.
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