Ripple XPR is a worldwide real-time payment network (RippleNet) accessible to everyone for anything of value. It is a distributed network, transactions take place directly, peer-to-peer, on the network. This makes the network resistant to systemic risks.
Transaction on the Ripple network is stored on the decentralized XPR Ledger. The XPR network owes its value to the speed that it can handle transactions, 1500 / min. The ultimate goal of this open-end platform is therefore to allow free circulation of money on a global “exchange”.
XRP offers the possibility to exchange eg € in other fiat money or in cryptocurrency through the use of the “scout algorithm” to find the best matching counterparty.
Due to the efficiency and speed of the RippleNet, the interest of the financial institutions is very high and they make active use of it. They see here the possibility to reduce the costs of international transactions and to improve the speed while maintaining control and overview
The number of XPR is limited to 100 billion.
To prevent DoS attacks (aka spams) that would inevitably occur on RippleNet, a small fee of 0.00001 XRP is linked to every transaction that takes place on the network. This fee is small enough, so it has no significant impact on the transaction costs, but large enough to stop bad actors from spamming the network, which are then destroyed.
Ripple was conceived by Jed McCaleb and developed under the guidance of David Schwartz.