Top 12 Cryptocurrency Coins
3. Ripple (XRP)
Founder: Jed McCaleb
Chinese Name: 瑞波币
The Inception of Ripplepay
Ryan Fugger, a British Columbia web developer was working on a local trading exchange system in Vancouver when he came up the idea of a decentralized monetary system that could allow groups or individuals to create their own money. Hence in 2004, he developed Ripplepay, the predecessor of the Ripple payment protocol and then debuted RipplePay.com in 2005 to provide secure payment financial service globally online.
The Birth of Modern Ripple
This led Jed McCaleb of eDonkey network to create the concept of a new system, a digital cryptocurrency system in which consensus verifications were used by members of the network to approve transactions. David Schwartz and Arthur Britto then proceeded to design and built the new system, known as Ripple with the goal to perform faster transactions, consume less electricity than Bitcoin blockchain, and eliminate the reliance of bitcoin cryptocurrency on centralized cryptocurrency exchange.
Ripple System Overview
Ripple (or XRP) is a real-time gross settlement system (RTGS), a money transfer system where fund transfer takes place on a "real time" and "gross" basis from one bank to another, along with a remittance network developed by the Ripple company. Ripple's fund transfer system allows bank or non-bank financial services companies to incorporate the Ripple protocol into their own systems, and thus allow their customers to use the service. Ripple is based around a shared public ledger or database at its core with its contents decided by consensus. The goal of Ripple is to become a global fund settlement network.
Ripple uses its own native cryptocurrency named XRP created for global financial institutions to transfer money with negligible cryptocurrency transaction fees and wait-time. 100 billion XRP cryptocurrencies were created during the inception of Ripple. According to Ripple protocol rules, no more XRP cryptocurrency will be allowed to be created. Ripple reached cryptocurrency market cap of more than $15.5 billion USD and is the third largest cryptocurrency in the world by market capitalization as of May 2019.