The Ripple network is a protocol designed to facilitate fast, cross-border payments with minimal fees. The token XRP is the accounting unit of the blockchain (called XRP Ledger) and serves as a bridge currency between banks.
Ripple Labs, Inc. – a private, for-profit company that sells the closed-source banking software RippleNet – is involved in the ongoing development of applications for XRP. Ripple Labs, Inc. and XRP are often used interchangeably but are independent; RippleNet is not needed for the working of the Ripple network.
Contrary to Bitcoin and Ether, XRPs are not “mined”. The maximum available amount of 100 billion XRP are included in the genesis block (the first block in the blockchain). However, a portion of XRP is time-locked and progressively released to the market.
The Ripple network was never intended to be censorship-resistant nor was it intended to be used for peer-to-peer payments. Instead, the goal of the Ripple network is to improve international bank payments.
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