XRP is a cryptocurrency and open-source distributed ledger technology created by Ripple Labs Inc. It is the native cryptocurrency of the Ripple blockchain, which is an open-source, distributed payment system. The Ripple blockchain is an open-source, distributed ledger technology (DLT) based on a consensus mechanism, which allows for payments to be made quickly and securely between two parties.
XRP is different from other cryptocurrencies in that it does not require mining, meaning that it is not dependent on a network of miners verifying transactions. Instead, XRP is based on a consensus mechanism, which allows for transactions to be verified and validated without the need for miners. This consensus mechanism is known as the Ripple Protocol Consensus Algorithm (RPCA).
The Ripple blockchain is built on a peer-to-peer network, allowing users to send and receive payments without the need for a third-party intermediary. Each transaction is validated by a network of computers, known as validators, which are responsible for verifying the transaction data. The validators are also responsible for maintaining the ledger, which is updated with each new transaction.
Founder: David Schwartz, Jed McCaleb and Arthur Britto
Ripple Protocol Consensus Algorithm
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