13,100,596 ISK
5. September 2023
XRP
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Ripple is a privatly owned company that develops payment and exchange solution ontop of a blockchain called XRP or simply Ripple. The main goal of Ripple is to connect banks, financial institutions, payment providers and virtual assets service providers, and enable fast and efficient international transfers.
Ripple works as a dirtibuted economic system that keeps track of its users deposits but also allows for exchanges of currencies between multiple pairs and tokens within the Ripple system.
Ripple does not rely on Proof Of Work like Bitcion does, and therefore does not need mining to maintain its network. Ripple uses its own consensus algorithm thats called Ripple Protocol Consensus Algorithm (RPCA), that is run on independent nodes. Anyone can run a validator node, but also choose what validator node he chooses to trust.
In 2020 the U.S. Securities and Exchange Commission charged Ripple with selling unregistered securities in the form of XRP on cryptocurrency exchanges. After years of litigation, a federal judge handed the company a partial victory by ruling that XRP sales on public cryptu exchanges were not offers of securities under the law. The rulings were in the early stages of the trial, with final ruling expected soon, and it is expected to shake the work of crypto whatever the final ruling will be.
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