Get to know a little about each coin available in our educational series
1 Minute With…Today’s coin is Ripple (XRP)
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Created in May of 2011 by Jed McCaleb, Chris Larsen, Ryan Fugger
Only 99,992,434,971 XRP will be made (60% withheld)
Purpose is to move funds globally
It is run by a corporation and is extremely proactive with financial sector partnerships. Its core protocol is an intermediary that can also function as a currency. This is part of of what is so promising. Banking institution tests place its near instantaneous transactions as a viable SWIFT System replacement.
The advantages it brings are transaction speed and corporate partnerships. Partnership with SBI Bank allows Japanese nationals global remittance.
The glaring detriments are that it violates the principles of decentralized currency by withholding 60% of its coins. It is integrally tied to banks. The exact institutions that cryptocurrency protects against.
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