Binance-Peg XRP | Arkham

XRP is the native digital asset of the XRP Ledger (XRPL), an open-source, decentralized public blockchain designed for fast and low-cost payments. The XRPL was built to be a highly efficient settlement layer, capable of processing transactions in 3-5 seconds. Its primary use case is to serve as a bridge currency, facilitating rapid cross-border payments and enabling financial institutions to source liquidity on demand without the need for pre-funded nostro accounts.

Who created XRP? The XRP Ledger was created in 2012 by a group of developers including David Schwartz, Jed McCaleb, and Arthur Britto. They later co-founded the technology company Ripple (originally named NewCoin) with Chris Larsen to build use cases for the ledger. At its inception, 100 billion XRP tokens were created, with a significant portion gifted to Ripple to help develop the ecosystem.

How does XRP work? The XRP Ledger does not use traditional Proof-of-Work or Proof-of-Stake systems. Instead, it relies on a unique federated consensus mechanism called the XRP Ledger Consensus Protocol. In this system, a network of independent validator nodes comes to an agreement on the order and validity of transactions every few seconds. For a transaction to be confirmed, a supermajority of these validators must agree. This process is highly efficient, making transactions fast, cheap, and energy-friendly, as it doesn't involve the competitive mining process.