After Ethereum and Bitcoin, Ripple is the most well-known digital asset and has many holders. One of the reasons for its popularity is the high speed of the network and transaction confirmations under 5 seconds. Ripple is also known by the symbol XRP. To learn about Ripple, how the network works, XRP mining, Ripple's products and services, and how to buy, sell, and store Ripple, follow us. 
The first word that comes to the minds of crypto users when they hear the word Ripple (XRP) is digital currency. Many users think that Ripple is just a cryptocurrency; however, Ripple is primarily a digital payment network. Unlike Bitcoin, whose main purpose is digital money and a store of value, Ripple’s primary goal is to transfer money on a global scale.
The digital currency XRP, also known as Ripple, is the currency within this payment system, primarily used to pay for system fees such as transaction costs. The digital currency XRP is on the XRP Ledger (XRPL); the XRP Ledger is an open-source and decentralized blockchain that enables transaction transfers on the Ripple protocol (RTXP).
How does Ripple work?
Ripple’s network, known as RippleNet, is a decentralized network of global banks and financial institutions that uses a standard payment framework for real-time processing and low-cost, trackable payments.
The key components of the Ripple network are:
xCurrent: It is an enterprise software similar to Swift that enables the initiation and settlement of transactions.
xVia: is a payment interface for businesses that enables sending customer payments through a standard API connection. Businesses can also access a network of banks and payers on the Ripple network with this interface.
xRapid: Also known as On-Demand Liquidity, it helps to exchange currency pairs with low liquidity. This is done using the XRP token.
CBDC platform: Mint, manage, transfer and burn CBDC or central bank digital currencies for one platform.
Although the Ripple network is often referred to as a blockchain, it is technically based on a form of distributed ledger. This payment network uses a protocol based on distributed ledger technology. This protocol is a type of consensus algorithm called Ripple Protocol Consensus Algorithm (RPCA) which uses Federated Byzantine Protocol (FBA). Ripple's consensus algorithm is different from the proof-of-work mechanism used by Bitcoin and other blockchain-based cryptocurrencies. This consensus algorithm enables faster transactions and lower fees compared to the traditional banking system.
Despite its age and popularity, Ripple lags behind its peers in terms of generating and building decentralized applications. Below are some of Ripple's decentralized products and programs:
Evernode: A second layer network is a smart contract that is scalable, flexible and permissionless.
Bithomp: It is one of the most popular XRPL browsers.
GateHub: An explorer to track GateHub's insurance on the XRP ledger.
NFT.cafe: It is an NFT market police.
Space mermaids: It is a fun game with an adventure theme.
What are the uses of Ripple?
Ripple is a payment solution used by governments, institutions and banks. Its main uses are as follows:
Cross-border payments: traditional payment system is slow and sometimes unavailable; Ripple can be used to bypass this system.
Store of value: XRP currency can be purchased as a store of value and investment and held in a digital currency wallet.
Central Bank Digital Money: Ripple aims to provide an affordable and efficient alternative to the SWIFT banking system.
What is Ripple digital currency (XRP)?
Ripple Coin (XRP) is a digital asset used to pay Ripple network fees. Among other uses of XRP digital currency, it can be mentioned as a source of liquidity for exchanges in exchanges. The maximum supply of this digital currency is limited to 100 billion XRP.
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