![]() This list is known as the Unique Node List (UNL). However, Ripple recommends its clients to use a list of identified, trusted participants to validate their transactions. Anyone is able to not only set up and run a Ripple validator node but also to choose which nodes to trust as validators. The XRPL is managed by a network of independent validating nodes that constantly compare their transaction records. Instead, the network reaches consensus through the use of its own customized consensus algorithm – formerly known as the Ripple Protocol Consensus Algorithm (RPCA). Unlike Bitcoin, however, the XRP Ledger is not based on a Proof of Work consensus algorithm and, therefore, does not rely on a process of mining to verify transactions. These transactions are secured and verified by the participants of the network through a consensus mechanism. Ripple presents the XRPL as an open-source distributed ledger that allows for real-time financial transactions. The XRPL works as a distributed economic system that not only stores all the accounting information of the network participants but also provides exchange services across multiple currency pairs. The RCL was later renamed to XRP Ledger (XRPL). In 2013, OpenCoin was rebranded to Ripple Labs, which was later rebranded to Ripple, in 2015.īased on the work of Fugger and inspired by the creation of Bitcoin, Ripple deployed the Ripple Consensus Ledger (RCL) in 2012 - along with its native cryptocurrency XRP. From that point on, Ripple started to be built as a protocol focused on payment solutions for banks and other financial institutions. In 2012, Fugger handed over the project to Jed McCaleb and Chris Larsen and together they founded the US-based technology company OpenCoin. The system went live in 2005 and was meant to provide secure payment solutions within a global network. Ripple was first idealized in 2004 by Ryan Fugger, who developed the first prototype of Ripple as a decentralized digital monetary system (RipplePay). The main goal of Ripple is to connect banks, payment providers and digital asset exchanges, enabling faster and cost-efficient global payments. Formerly known as OpenCoin, Ripple is a privately held company that is building a payment and exchange network (RippleNet) on top of a distributed ledger database (XRP Ledger).
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