What is Ripple (XRP)?
RippleNet delivers a single, frictionless experience for global payments. Rather than a constellation of disparate technologies, unstandardized communications, and centralized networks, RippleNet is a single, global network of banks that send and receive payments via Ripple’s distributed financial technology -- providing real-time messaging, clearing and settlement of transactions.
RippleNet is a decentralized network based on an agreement between Ripple and network participants -- all of which utilize the same technology and adhere to a consistent set of payment rules and standards.
RippleNet banks benefit from the robust connectivity, standardized technology, and rich data attachments with each payment. Ripple’s distributed financial technology outperforms today’s infrastructure by driving down costs, increasing processing speeds and delivering end-to-end visibility into payment fees, timing, and delivery.
XRP is the native currency of the Ripple network that only exists within the Ripple system. XRP are currently divisible to 6 decimal places, and the smallest unit is called a drop with 1 million drops equaling 1 XRP. As such, the system was designed so XRP is a scarce asset with decreasing available supply. Not dependent on any third party for redemption, XRP is the only currency in the Ripple network that does not entail counterparty risk, and it is the only native digital asset. The other currencies in the Ripple network are debt instruments (i.e. liabilities) and exist in the form of balances. Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange. Each Ripple account is required, however, to have a small reserve of 20 XRP . The purpose of this requirement is discussed in the anti-spam section.
Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. Huobi does not take responsibility for any resulting direct or indirect losses.
Trade on the go with Huobi App (iOS/Android)
Find us on
Huobi reserves the right in its sole discretion to amend, revise or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi makes no recommendations or guarantees in respect of any digital asset, product, or promotion on Huobi Global. Prices of digital assets are highly volatile and trading digital assets is risky. Please read our Risk Remindertext here.