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XRP was pre-mined with 100 billion tokens in 2012 by its founders. The founders gave 80 billion to Ripple for operations and development and kept the rest. XRP enters circulation only when Ripple sells its pre-mined tokens on the secondary market, unlike mined cryptocurrencies that create new coins as block rewards. In 2017, Ripple moved 55 billion XRP to an escrow account, from which it could sell a maximum of 1 billion tokens per month for transparency and predictability. Unsold tokens are returned to the escrow account each month. Ripple’s escrow holds 46.5 billion XRP as of 2022. XRP experienced two price surges after launch, in 2013 and 2014, and reached its all-time high of $3.40 in January 2018. However, it failed to maintain its momentum above $3 and fell to less than $1. Its price reached $1.98 in April 2021, but was short-lived.
The XRP Ledger is a decentralized network that supports XRP operations. XRP is the native token, designed to facilitate cross-border transactions between different fiat currencies. The network operates using the Federated Consensus algorithm, which involves trusted validators rather than miners. New blocks are created and validated once all validators agree, and the block’s contents are unalterable. The XRP Ledger is accessible via HTTP or WebSocket APIs or through libraries for multiple programming languages, including Java and Python, and its code is open source. XRP is also utilized for on-demand liquidity in RippleNet, a global payment network for financial institutions, through exchanging one fiat currency for XRP and then exchanging the XRP for another local fiat currency. XRP transactions are typically completed within 3 seconds, compared to the several days required for traditional fiat currency transfers.
The XRP Ledger settles payments quickly, within five seconds, and can process over 1,500 transactions per second. A small amount of XRP, roughly 0.00001 XRP or 10 drops, worth 10 drops is consumed as a transaction fee to maintain network efficiency. This fee increases during periods of high network usage to discourage excessive usage. All XRP transactions are processed and completed on the ledger.
