Introducing XRPL; Ripple decentralized blockchain
Most of the people who work in the digital currency market are familiar with the famous Ripple currency or XRP and know its ecosystem. But in this article, we are not going to talk about what Ripple is and what its uses are, but we want to talk about something more important, Ripple’s decentralized blockchain called “Ledger”. XRP Ledger That’s abbreviated to it XRPL It is also said that it is an open source, public and decentralized layer 1 blockchain that has been used for more than 10 years as the best option for token settlement and liquidity, and with its very low fees, it has been the usual choice of many traders to conduct transactions. .
The services that blockchain ledger provides to its users are not limited to what we have said and its range is very wide. Since getting to know this blockchain and its services can greatly simplify your work in the digital currency market, we will explain what XRPL is and what benefits and services it has.
What is Ripple Blockchain (XRPL)?
In the simplest answer we can give to this question, we have to say that the Ripple blockchain is a decentralized and public network that was built by three developers with the aim of better speed and efficiency. Blockchain XRPL along with the digital currency of this platform i.e. Ripple with symbol XRP started its activity in June 2012; That is, the same year that the financial technology company Ripple Labs (the company was originally called NewCoin, then changed its name to OpenCoin and finally to the Ripple Labs brand) by Silicon Valley veteran entrepreneur Chris Larsen. Larsen) and three other developers were established.
The developers of the Ripple blockchain might not have thought that what they are creating will be considered the best option for settlement and liquidity of tokenized assets for more than 10 years, that is, right from the day of its inception. Statistics show that since XRPL enables its users to use a wide range of services such as DeFi, tokenization, micro-payments and many other facilities, this network has been the first choice of cryptocurrency developers and traders.
The success of this blockchain in recent years has even had a positive effect on the price of Ripple and has caused it to experience good growth. However, the digital currency of this network had faced major problems in recent times and was involved in a court case, which, of course, is currently being handled in favor of XRP.
How does the Ripple blockchain work?
Unlike Bitcoin and Ethereum, the XRPL network uses a unique federated consensus mechanism to validate its transactions. In this network, transactions are confirmed through a community protocol. Within this protocol, there are independent and designated servers called validators who agree on the order and results of each transaction and then announce the result of the transaction.
The servers of the network process all transactions in the same way and according to the rules, and any transaction that follows the protocol is immediately confirmed. All these transactions exist in the Ripple network in a public and transparent manner and anyone can validate them. It should be noted that there are currently more than 150 validators on Ripple’s ledger, run by universities, exchanges, businesses, and even ordinary individuals around the world.
Through its special consensus mechanism, this blockchain can handle more than 1,500 transactions per secondone (TPS) with fast approval 3 to 5 seconds processing and backupslow Ripple network fees are also usually very low (less than one cent) and this factor in the blockchain network means that no participant can decide which transactions have the priority of approval and everyone will have the same position.
In addition, we must add that in this network all confirmed transactions have the ability to be processed without a single point of failure; Because none of the participants in the transaction can make a decision independently.
Benefits of the XRP Ledger Blockchain Network for Developers
On the XRPL website, developers and programmers can also access various tutorials and get help to start using different coding languages, build apps, manage accounts and more. If you want to use these tutorials, to Ripple main site See.
More importantly, the main digital currency of the ledger ecosystem, XRP, has the ability for developers to provide solutions such as remittance and asset tokenization to solve some problems. Thus, we can say that the XRPL network currently has five main uses, which are:
- Making transactions and payments
In the following, we will examine each of the applications of this network separately.
Making transactions and payments
Users of XRP Ledger can use this network to move their assets around the world and benefit from facilities such as instant money transfer to flow remittances, bulk payments such as payment of wages and salaries and any other transaction facilities. Note that Ripple’s ecosystem and blockchain have separate software and projects for doing everything, which you need to download programs to benefit from.
For example, a program like RippleNet A subset of the Ripple ecosystem, it facilitates cross-border payments through a decentralized network of banks and payment service providers that use the XRP Ledger; Or users of this network can create an XRP-like wallet Xumm To conduct XRP transactions, they will launch a neutral bridge asset optimized for global payments with low fees and thus advance their transactions.
Simply put, you can tokenize any asset on the Ripple blockchain! It doesn’t matter if your token is from the category of non-exchangeable tokens, stable coins, NFT or even central bank digital currencies (CBDC), in this network you can create tokens from your assets without any restrictions and enjoy its benefits. It is interesting to know that until May 2022, more than 5400 currencies have been issued and traded in XRPL; So you can choose this network with confidence because it has passed the test many times.
The decentralized exchange or DEX of the XRP Ledger network provides very attractive financial services for fans of decentralized finance. This DEX is a native exchange of the Ripple protocol and uses a centralized limited order book model for trading digital assets. Users using this exchange can also access the DEX through a variety of order book interfaces, such as Sologenic, and trade directly on the XRP Ledger.
As we said before, the Ripple blockchain also supports the tokenization of CBDCs. This feature can actually have a very positive impact on the future of the network and make many large companies and organizations work with this blockchain; Because with this feature, central banks can also stably and securely interact with other payment systems and stay updated.
Finally, financial institutions and companies can issue their own stablecoins and use them for their financial work and transfers with the help of the tokenization feature that exists in the XRPL blockchain network.
What makes the XRPL blockchain special?
If by now you think you have fully understood what XRPL is, we must say that you would be very wrong because we have not covered much of the features of this blockchain yet. In fact, in addition to being fast, cheap and reliable, XRPL has a special feature, energy efficiency, that distinguishes it from other large blockchains.
XRPL was the world’s first large public blockchain Carbon neutral certificate (Carbon Neutral, which refers to the production of zero percent carbon). As you know, most blockchains require a lot of energy to perform calculations to process their transactions, but XRPL is designed in a way to consume the least amount of energy.
In fact, the Ripple network uses a unique consensus algorithm that does not require mining. In this way, each transaction in XRPL will consume about 100,000 times less energy than Bitcoin, and even the small amount of energy it needs is through Carbon credits (Carbon Credit) is compensated. In total, each transaction with the network’s main coin, XRP, requires only 0.0079 kWh of energy, which makes XRPL significantly more efficient than other networks.
How to use blockchain ledger?
Now that we have reached the end of the article and read in detail about the Ripple blockchain, it is time to see how we can use it.
Working with the XRPL blockchain is very simple. But before we talk about how XRPL works so you can start using the network, you should know the following:
- The software is required to work with the Ripple network XRP Ledger Download and create a wallet.
- With your wallet, you can make financial transactions and send and receive money.
- Transactions you make in the wallet are used to make changes to the ledger.
- For more information about your Ledger XRP accounts, you can send your request to the support of this platform.
In order to be able to develop your programs in this blockchain, follow the following steps carefully:
- The first step is to install the software XRP Ledger Is. You can download this free and open source software from the XRP Ledger website.
- After installing the app, you need to create a new user account in it.
- Now you also need to create a Ripple wallet to store your XRP tokens in.
- In the last step, you need a new Ripple address so that other users can send you money or currency.
Once you have completed the steps and set up your account, you can develop blockchain applications on XRP Ledger.
XRPL, the unique decentralized blockchain
The XRPL blockchain, or Ripple, has been one of the most popular options for traders since its inception, thanks to its low-power protocol and the favorable environment it has created for developers. Many analysts believe that XRPL is the gateway to the future that can solve many problems such as cross-border payments for institutions, banks and companies. In fact, the ledger has provided a unique environment for the execution of transactions; Factors such as 1,500 transactions per second, security and a fee of less than one cent have made XRPL not only one of the fastest but also among the best blockchains today.
XRPL introduction article; Ripple Decentralized Blockchain appeared first on Wallex Blog. appeared.