What is XRP?
XRP is the native digital asset built for facilitating transactions on the Ripple Network — an open-source, decentralized, permissionless blockchain technology. Developed as a currency for powering the Ripple Network, XRP allows people to send money digitally from any part of the world.
History of Ripple
Ripple has a long history of 16 years, long before Satoshi Nakamoto released the first version of Bitcoin. Ryan Fugger founded Rippleplay, the original brand name of Ripple, to transact money around the world securely.
In 2012, Jed McCaleb, Arthur Britto, and David Schwartz bought the company and renamed it “OpenCoin” — the company was then renamed “Ripple Labs” in 2013. Two years later, they shortened the name to just “Ripple.”
Ripple released its XRP coin to allow financial institutions to transfer money with negligible fees and wait-time. Almost three years ago, XRP briefly became the second-largest cryptocurrency in terms of market capitalization and had an all-time high of $2.7704.
Soon, during the fraught year (2018) of cryptocurrencies, the price dropped 82% since it opened at $1.98 in January 2018. The price has further plummeted to $0.58 as of 10 December 2020. Despite the dramatic loss in the last three years, XRP is still one of the most well-known and most widely traded digital assets in the world.
What is XRP used for?
XRP was established to complement the traditional payments, migrating transactions between databases controlled by financial institutions to a more open ecosystem.
Unlike Bitcoin’s proof-of-work, XRP uses a consensus mechanism to approve a transaction on the network. Therefore, the transaction settlement time for XRP is roughly 4 seconds.
Today, there are reputable financial institutions such as Santander and the Commonwealth Bank of Australia that support XRP on a trial basis, meaning more trust and fewer regulatory challenges.
How does XRP work?
XRP runs on a Ledger that uses a ledger managed by a network of independently validating servers that compare transaction records. These servers could belong to anyone, including banks and market makers.
Although Ripple’s XRP Ledger has a consensus mechanism and validating servers, it’s still not a blockchain. All of the XRP tokens are pre-mined and are controlled by a smart contract.
The token’s current circulation is over 50 billion, and the company has decided to release a maximum of 1 billion XRP tokens each month, with the total amount capped at 100 billion XRP.
Unused tokens will be shifted back to an escrow account to ensure there will be no possibility of misuse due to an oversupply.
Advantages
With XRP, I can send international transactions in seconds, instead of weeks.
Santiago AHow do I buy XRP in Canada (XRP to CAD)?
Buying XRP in Canada can be done through a cryptocurrency exchange such as NDAX or a peer-to-peer trade. However, using platforms such as NDAX will allow for affordable, safe, and fast transactions.
| XRP | CAD |
|---|---|
| 1 XRP | 0.7078 CAD |
| 5 XRP | 3.539 CAD |
| 10 XRP | 7.078 CAD |
| 25 XRP | 17.695 CAD |
| 50 XRP | 35.39 CAD |
| 100 XRP | 70.78 CAD |
| 500 XRP | 353.9 CAD |
| 1000 XRP | 707.8 CAD |
| 5000 XRP | 3539 CAD |
| 10000 XRP | 7078 CAD |
| CAD | XRP |
|---|---|
| 1 CAD | 1.4128 XRP |
| 10 CAD | 14.1282 XRP |
| 20 CAD | 28.2565 XRP |
| 50 CAD | 70.6414 XRP |
| 100 CAD | 141.2828 XRP |
| 500 CAD | 706.4142 XRP |
| 1000 CAD | 1412.8284 XRP |
| 5000 CAD | 7064.1424 XRP |
| 10000 CAD | 14128.2848 XRP |
| 50000 CAD | 70641.4241 XRP |
How do I store XRP?
It is highly recommended that you always store XRP (XRP) in a cryptocurrency hardware wallet. However, at NDAX we have all the security measures in place to allow you to safely store your cryptocurrency on our platform. See NDAX Security. For cold wallets, check out Ledger or Trezor for your hardware wallet needs.