Ripple is made upon a distributed open-source protocol and supports tokens representing fiat currency, Cryptocurrency, commodities, or different units of value like frequent flier miles or mobile minutes.
The ledger employs the decentralized native Cryptocurrency called XRP, that as of Sept 2018 was the second-largest coin by market capitalisation. Ripple has been adopted by banks and payment networks as settlement infrastructure technology. Ripple depends on a standard shared ledger, that is a distributed database storing data regarding all Ripple accounts. The network is “managed by a network of independent validatory servers that perpetually compare their transaction records.” Servers could belong to anyone, as well as banks or market manufacturers. Ripple validates accounts and balances instantly for payment transmission and delivers payment notification with very little latency (within a few seconds). Payments are irreversible, and there aren’t any chargebacks.
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Ripple is both an open payment network and digital currency (XRP). It’s an open source, a distributed payment system which is still in beta. The Ripple system aims at helping users break free from what they call “walled gardens” of payment and financial network, i.e. banks, PayPal, credit cards and other financial systems that charge for currency exchange and restrict access with fees.
In essence, the Ripple system is a cryptocurrency that targets to connect banks worldwide to facilitate cross-border transactions and payments systems. Ripple has faced some backlash in the cryptocurrency world given that it aims at assisting banks while a majority of other cryptocurrencies such as Bitcoin aim at eliminating banks.
No. Ripple the company didn’t create XRP; 100 billion XRP was created before the company was formed, and after Ripple was founded, the creators of XRP gifted a substantial amount of XRP to the company.
No one can freeze XRP, including Ripple. All transactions on XRP Ledger are publicly viewable.
A rippled server running in validator mode additionally participates in the consensus process and is a part of an interconnected web of validators who each trust a specific set of validators not to collude.
Ripple and other cryptocurrency networks are decentralized, and no single government or regulatory authority controls the networks.
Ripple does not endorse, recommend, or make any representations with respect to digital wallets. It’s advisable to always conduct your own due diligence before trusting money to any third party or third-party technology.