XRP (RIPPLE): THE BEST UTILITY TOKEN AND RIPPLE WIN AGAINST SEC (PART 1) (Updated Version)
XRP is a type of cryptocurrencies that can act as a tool or utility to bridge transactions made by individual, company, and private institutions in a more efficient and cost-effective way. In simpler terms, XRP is designed to move money around in a faster and cheaper way. To put it in a perspective, try to imagine that a private institution are moving 10 billion US Dollar to other private institutions and that transaction was done in a matter of second and in a very small payment. Now imagine how hard it is nowadays moving this sum of money using banks service. Just by this set of examples, it shows the real capability of XRP if it is fully utilized by private institutions in making transactions.
Origin, Tokenomics, Blockchain, and Ecosystem for XRP
1. The pre-cursor for XRP and Ripple was developed by Ryan Fugger in 2004, who developed Ripplepays.
2. JeB McCaleb, Arthur Britto, and David Schwartz developed the XRP ledger in 2011.
3. Jeb McCaleb and Chris Larsen co merge their idea with Fugger idea in 2012 to create OpenCoin leading to XRP creation.
4. Type of Cryptocurrency: Altcoin
5. Tokenomics:
-Maximum supply:100 billion XRP
-Circulating supply:53-56 billion (currently in 2023)
-Market capitalization:16.7 – 43.1 billion U.S. dollar (currently in 2023)
-Disribution: Some of the XRP was hold by Ripple Labs and most of it was hold by the escrow system. Most of the organization that partnered with Ripple also hold some XRP for Ripple payment protocol. XRP was also distribute in the crypto market and individual investor can invest in it.
-DeFi insentives: Liquidity mining, yield farming, staking, governance and airdrop
-Issuance: It was pre-mined and fixed at 100 billion of maximum supply
-Burning mechanism: Small amount XRP will be burned and lost forever for every transaction that was made using XRP (it’s hard to give the percentage)
-Utility: Fast and low cost transaction, liquidity provider, spam prevention, decentralized exchange, and smart contract
5. Blockchain:XRP Ledger
6. Ecosystems: XRP, XRP Ledger, RippleNet, RippleX and more (I cannot give a full list because of the amount of thing in the ecosystem itself)
7. Escrow: XRP escrow is a mechanism used within XRP Ledger that was build by Ripple to release XRP to the circulating supply in a control manner ( 1 billion XRP will be release every month in a 55 month timeframe starting in 2017 and the last 1 billion XRP that will be release from escrow is in December 2023)
(The information above might be outdated and wrong in some form. Please contact me if you spot that problem)
Ripple
1. Ripple or Ripple labs change it name from OpenCoin shorty after Jeb McCaleb left in 2013.
2. Ripple current CEO is Brad Garlinghouse.
3. Some of their most well-known executive team and board of directors is David Schwartz (Ripple CTO), Stuart Alderoty (Chief Legal Officer), and Chris Larsen (Executive Chairmen).
4. One of Ripple main goals is to establish a network that allows as many transactions as possible to simultaneously run as fast as possible.
5. In 2014, Fidor became the first bank to integrate Ripple’s payment protocol.
6. As of 2023, there are over 100 banks that have adopted a Ripple payment system
7. Some of the most well known bank that have adopted the Ripple payment system are Santander Bank (USA), Standard Chartered Bank (UK), and Siam Commercial Bank (Thailand).
(End of Part 1)
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