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What is Ripple?

On Conio it is possible to buy and sell XRP (the native currency of the Ripple blockchain), however, it is not yet possible to withdraw and deposit XRP. On the other hand, you can use the "Convert" function to convert XRP to another asset from among those in the Conio marketplace.

Description

Ripple (XRP) is both the name of a platform and its reference currency. The Ripple platform is an open source protocol designed to enable fast and low-cost transactions. XRP represents the cryptocurrency of this platform. Unlike many other cryptocurrencies, XRP is not based on the blockchain. It is adopted by some banks and financial institutions as an efficient tool for making cross-border payments.

Unlike many other cryptocurrencies, Ripple did not originate from a fundraising (ICO) or mining process. Instead, 100 billion XRP was pre-mined, and a portion of that was distributed to founders and used to incentivize partnership and collaboration with financial institutions.

Technology

As mentioned, Ripple does not use a traditional blockchain but relies on a distributed consensus protocol to validate transactions. This protocol allows Ripple to process transactions in seconds, making it much faster than other Ethereum cryptocurrencies, while decreasing the degree of decentralization.

Ripple's protocol is based on a network of validation nodes that collectively decide on the validity of a transaction. This system eliminates the need for mining in the face of reduced decentralization requirements, thus reducing energy consumption and ensuring fast transaction times.

In addition, Ripple has introduced a mechanism called "gateways", which acts as an intermediary between two parties wishing to make a transaction. These gateways can be banks, financial institutions, or any other entity that accepts deposits.

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