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Can you explain this further? XRP is the currency to move money at Ripple. They have some minor currencies for some situations like debt IIRC. But Ripple is
by mkirklions 9y ago
Can you explain this further?
XRP is the currency to move money at Ripple.
They have some minor currencies for some situations like debt IIRC.
But Ripple is going to use their currency for transactions.
- ApolloFortyNine 9y agoXRP is only used as a spam deterrent. There is a 0.00001 transaction fee to change ledgers (send money, but not XRP) in Ripple, that is actually destroyed, and there is a requirement that every account in Ripple maintain a $20ish balance of XRP.
- cheeseandpickle 9y agoWhat?? Where on earth did you get that? A tiny fraction of XRP is destroyed every time a transaction completes and wallet activation takes a reserve of 20 XRP (to keep the wallet active) as spam prevention BUT... XRP is used as an integral part of the overall vision - a bridge currency.
- joeblau 9y agoYou're understanding is 1/3 correct. XRP is only used for xRapid protocol. Ripple Labs has 3 protocols (xCurrent, xVia, and xRapid) and the other 2 do not use XRP. However, it does look like MoneyGram is using xRapid.
- cheeseandpickle 9y agoThe only actual “protocol” used by Ripple is interledger of course
- makomk 9y agoThe whole point of Ripple originally is that you could use it to send actual fiat money by using a network of trust relationships to chain together IOUs that could eventually be settled via actual transfers if necessary. Then after Bitcoin took off it was retooled as something more Bitcoin-like with its own internal cryptocurrency, XRP, and a ledger system to support it. (Except that the ledger is pretty much centralised.)