Hello Everyone,
Hope you are doing well. Today I am going to write a post about Ripple and XRP. You must be wondering why I am calling Ripple and XRP as two different entities. I could have written Ripple(XRP). But this is not the case. They are totally different. First of all let us have a look at XRP position on coin market cap. XRP is listed in coin market cap at rank 3 currently with a market cap of $18,453,937,954 and trading across all the top exchanges with a volume of $200,076,000. The maximum supply of XRP is 100,000,000,000 XRP which is very huge. But 60,000,000,000 XRP are locked and are hold by the company. This company is Ripple. Let us move to our main topic now. Why XRP and Ripple are different.
All the above figures are taken from coin market cap as on 10 July 2018.
We all know that cryptocurrency has been invented to provide faster financial services and transactions across the world. There are many organizations which are building themselves to help growing better financial ecosystem. Ripple is one of the company which is working towards faster transactions and efficient solutions for the financial institutions all over the world. Whereas XRP is a digital asset. XRP is backed by XRP ledger which is an open source blockchain technology.
Source of information: https://ripple.com/insights/difference-ripple-xrp/
Image source: Google images
Ripple is having its own product which is known as xRapid. Ripple is using XRP and XRP ledger in xRapid to make it more useful and productive. Ripple owns around 60,000,000,000 XRP tokens and rest of the tokens are in circulation among the crypto lovers. XRP ledger is not owned by any organization but it exist independently. Even ripple is not owning XRP and XRP ledger.
So when we heard news that this bank has tied up with Ripple, it means that the particular bank will now use xRapid in their banking transactions to make it secure and faster. XRP has nothing to do with banks. So any financial institute can use xRapid and no person can use it until an unless a permission granted by Ripple. On the other hand, anyone can use XRP and XRP ledger.
So I hope it is now clear to you that Ripple and XRP are altogether different entities. If you like this blog, please do ollow me on steemit, upvote and comment down below your views on Ripple and XRP.
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