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April 25, 2022

What makes Ripple (XRP) special?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, we dive into Ripple, one of the earliest cryptocurrencies out there.

Ripple is a virtual currency that targets banks and payment networks as clients. The idea behind Ripple is to replace the antiquated inter-bank payments systems. It is not designed for consumers like us.

And that differentiation makes it one of the most adopted crypto projects out there. Major commercial banks like Santander use the technology to move money around for example.

But note how we haven’t said a word about blockchains yet? That’s because Ripple doesn’t operate on blockchain technology. Instead, the Ripple company provides validation of transactions, meaning Ripple isn’t decentralized and the company is the sole entity that has full control over its future. There is still a permanent record of all transactions though, much like Bitcoin. All that makes Ripple extremely fast with very low fees for those banks.

Another thing to know about Ripple is that major exchanges in the US have halted trading of its token. That is because Ripple is currently being sued by the security exchange commission, the US agency that oversees the stock market. They allege that Ripple sold their tokens illegally to the public. So if you decide to trade Ripple, just understand it might be hard to sell in the US.

And that’s Ripple! And next time, we’ll talk about Terra Luna.

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