Ripple positions itself as a complement to, rather than a competitor with, Bitcoin – the site has a page dedicated to Ripple for bitcoiners. Ripple is a distributed network which means transactions occur immediately across the network – and as it is peer to peer – the network is resilient to systemic risk. Ripples aren’t mined – unlike bitcoin and its peers – but each transaction destroys a small amount of XRP which adds a deflationary measure into the system. There are 100 billion XRP at present.
Industries Blockchain Headquarters San Francisco, California, United States Founded Date 2012 Operating Status Active Last Funding Type Secondary Market Also Known As Ripple Labs, OpenCoin Legal Name Ripple Labs Inc.
Ripple was created to reduce money transfer times of 3-5 days to instantaneous and to significantly reduce the estimated $1.6tn in annual costs associated with global money transfers.
Ripple was co-founded by Jed McCaleb and Chris Larsen and released in 2012.
There is a finite number of XRP coins in existence, the total number being 100 billion, with all of the XRP coins pre-mined, in other words, released at the time of launch.
Ripple’s team owns the largest proportion of the coins, 61.3bn, with the vast number held in escrow to avoid excess market liquidity. 38.7bn XRP coins were distributed, with Ripple’s co-founders and senior management holding sizeable interests in Ripple.
Ripple is a peer-to-peer decentralized, open source public ledger created to facilitate the electronic transfer of money, whether fiat or crypto.