Project basic information
Ripple Labs is a blockchain business founded in 2012, and is one of the oldest cryptocurrency-based technology companies. It developed the Ripple payment protocol, a transaction network meant to replace SWIFT and other legacy financial networks with decentralized counterparts. Some RPP products use the XRP crypto token during transactions. Introduction To Ripple Labs, Ripple Protocol, And The XRP Token It’s important to note that although Ripple and the XRP token are, to many in the blockchain industry, synonymous, Ripple Labs is adamant that the two are very separate entities. More on that to come. Bitcoin jump-started the cryptocurrency market with a promise of disrupting the banking industry, but it’s the RPP (for now known as RippleNet) from Ripple that comes the closest to fulfilling that promise. Blazing trails comes with heat, however, and in 2015 Ripple got hit with one of the first U.S. government fines against a blockchain project. By then, co-founder Jed McCaleb left Ripple to launch Stellar, a competing blockchain platform that forked from the original Ripple code developed by Ryan Fugger. Co-founder Chris Larsen has since worked tirelessly to maintain compliance and update Ripple (formerly known as OpenCoin and Ripple Labs) the organization, RippleNet (formerly known as RipplePay and Ripple) the blockchain network, and XRP, the cryptocurrency used for tokenized transactions and currency trades. XRP isn’t another cryptocurrency trying to clone Bitcoin and Ethereum. It has blazing fast transaction speeds, settling payments in a matter of 3.5 seconds or less. RippleNet’s underlying technology can be adopted by banks to replace current technology with blockchain-based alternatives. Also, it’s not a traditional blockchain although it does use a similar consensus algorithm, known as the Ripple Protocol Consensus Algorithm (RPCA). Distributed nodes use this consensus to prevent double spending and other fraud.