What is Ripple. What are the benefits
Ripple is among the top 5 most valuable blockchain-based tokens by market cap.
Ripple is a technology that acts both as a cryptocurrency and as a digital payment network for financial transactions. It was launched in 2012 and founded by Chris Larsen and Jed McCaleb. Ripple is an asset exchange system for settlements and money transfers that is similar to the SWIFT system.
Ripple eliminates some of the disadvantages of traditional banks. Transactions are processed on the Ripple network in seconds, although the platform often processes millions of transactions. This is not like banks, which can take days or weeks to complete a transfer. Transaction fees on Ripple are also minimal, with the minimum transaction value required for a standard transaction being 0.00001 XRP, compared to the high fees charged by banks for international payments.
How XRP works
Ripple runs on a decentralized, open source, peer-to-peer platform that allows you to seamlessly transfer money in any form, be it USD, Yen, Euro, or cryptocurrencies like Litecoin or Bitcoin. On its website, Ripple describes itself as a global payment network and counts major banks and financial services among its customers. XRP is used in their products to facilitate fast conversion between different currencies.