Ripple (XRP) is a decentralized cryptocurrency which relates to the same name payment system. Ripple is based on a chain of blocks as Bitcoin. This currency exists only in the Ripple system. 1 XRP is divided into a million units called drops. In the beginning 100 billion XRPs were created and according to the rules of the Ripple network protocol it will no longer be created. Also this currency is being destroyed with each transaction conducted on the network which is necessary to prevent spam transactions.
Ripple history
The virtual currency Ripple was created during the development of the Ripple network system and originally it was created as a distributed currency exchange. It was launched in 2012 based on the idea of Ryan Fragger (OpenCoin), further developed by Ripple Labs.
Ripple features
1. Currency can not be obtained by mining. There are two ways to get Ripple: 1) exchange; 2) receive as a reward for performing distributed computing.
2. Being destroyed in the transaction process.
3. Ripple is an intermediate currency: it serves as a bridge for the exchange of two rarely traded currencies when direct exchange is not available.
4. The currency algorithm is different from the Bitcoin system. This provides additional security.
5. Complete owner anonymity.
