Description for currency
This coin is a product of RippleLabs, which was established in 2005 and set a goal to create the best payment system in the world. But in 2011, the company's concept was reformulated; they wanted to create a cross-border payment network on a decentralized basis. This is due to the fact that the usual bank transfer between countries is carried out for at least 3 days, sometimes more. In addition, the commission for such a transfer reaches 20%.
Coin XRP allows you to get rid of these shortcomings.
Unlike bitcoin, XRP coins cannot be mined. Its emission occurred only once in the genesis block (the first block of the network) and amounted to 100 billion coins. The XRP network is faster and allows you to process up to 2000 transactions per second. The transaction takes place in just 5-10 seconds, which is ten times faster than the Bitcoin network.
The company's management is actively seeking partners in the face of international banks and payment systems. Already tens of banks are testing the XRP network for internal transfers, allowing them to significantly reduce the costs of international transfers.