The protocol as a working prototype was created away back in 2004. But the real history starts in 2013, when Jed McCaleb, the creator of the EDonkey network invited a bunch of world rank investors to invest in Ripple Labs.
XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger an open-source, permissionless and decentralized blockchain technology that can settle transactions in 3-5 seconds. XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently.
XRP was created by Ripple to be a speedy, less costly and more scalable alternative to both other digital assets and existing monetary payment platforms like SWIFT.
Fast, Efficient Consensus Algorithm
The XRP Ledger's consensus algorithm settles transactions in 4 to 5 seconds, processing at a throughput of up to 1500 transactions per second. These properties put XRP at least an order of magnitude ahead of other top digital assets.
Secure, Adaptable Cryptography
The XRP Ledger relies on industry standard digital signature systems like ECDSA (the same scheme used by Bitcoin) but also supports modern, efficient algorithms like Ed25519. The extensible nature of the XRP Ledger's software makes it possible to add and disable algorithms as the state of the art in cryptography advances.
Finite XRP Supply
When the XRP Ledger began, 100 billion XRP were created, and no more XRP will ever be created. (Each XRP is subdivisible down to 6 decimal places, for a grand total of 100 quadrillion of XRP.) The available supply of XRP decreases slowly over time as small amounts are destroyed to pay transaction costs.
The primary function of XRP is to protect the Ripple protocol against denial-of-service (DoS) spam attacks. Since the Ripple protocol is based around a shared ledger of accounts, a malicious attacker could create large amounts of ledger spam (such as fake accounts) and transaction spam (such as fake transactions) in an attempt to overload the protocol. This could cause the size of the ledger to become unmanageable and interfere with the protocolu2019s ability to quickly settle legitimate transactions.
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