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About XRP

XRP is a digital asset built for payments. The XRP cryptocurrency was the first of its kind designed specifically for financial institutions and payment providers. Launched in 2012 by founders including Chris Larsen and Jed McCaleb, XRP enables real-time global settlements. Like other digital assets, XRP was created to provide a frictionless transfer of value that operates without the intervention of a centralized clearing house. A global network of partners utilizes the ledger for liquidity.

How does XRP work?

The XRP Ledger is a decentralized public blockchain system that operates without a central bank, government authority, or middleman. Instead, it uses a unique Federated Consensus algorithm to maintain a synchronized network of computers around the world that collectively uphold the integrity of the system. This globally distributed list of unique node lists is what makes up the network. Each node plays an important role in agreeing on the order of transactions. Because there are multiple validators trusting each other, there is no central authority that controls the ledger.

How to store XRP

Storing XRP involves activating a wallet on the ledger without a central bank, government authority, or middleman. Instead, it uses a reserve requirement to prevent spam and maintains a decentralized network of accounts. This ensures that the ledger remains efficient and secure. Users can keep XRP in exchange wallets or self-custody cold storage. Because the keys are the sole method of entry, there is no central authority that can recover funds if the keys are lost.