XRP Ledger: A Complete Guide to Its Functions, Validators, and How to Use It

XRP Ledger (XRPL) is one of the blockchains that plays a crucial role in the crypto world. Designed to provide faster, cheaper, and more efficient global payment solutions, XRPL supports very low-cost transactions, making it a popular choice among crypto market participants.

Since its launch in 2012, the XRP Ledger has grown rapidly and become a platform that enables various financial innovations.

If you want to know more about how the XRP Ledger works and how you can benefit from it, check out this complete guide!

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What is the XRP Ledger?

XRP Ledger (XRPL) is an open-source blockchain used to facilitate global payment transactions very quickly.

By using a different consensus mechanism from other blockchains such asBitcoin (BTC)XRPL can process up to 1,500 transactions per second. Transaction fees on XRPL are also very low, only around 0.00001 XRP (approximately Rp0.16).

XRPL Key Features:

• Fast and Cheap Transactions:Transaction confirmation only takes 3-5 seconds.
• Decentralization:Over 150 independent validators worldwide.
• Energy Safety and Efficiency:Using the Ripple Protocol Consensus Algorithm (RPCA), XRPL does not rely on proof-of-work, making it energy efficient.

History and Creation of the XRP Ledger

The XRP Ledger was first introduced in June 2012 by David Schwartz, Jed McCaleb, and Arthur Britto. The primary goal of the XRP Ledger is to create a more efficient global payments system than traditional systems like SWIFT, with a focus on speed, low costs, and interoperability between currencies.

With over a decade of use, XRPL is now one of the most stable and trusted blockchains.

XRP Ledger Validators: Who Maintains It?

Validators are parties that verify transactions within the XRPL network. Currently, there are over 150 validators worldwide.

They come not only from Ripple Labs, but also from other companies, universities, and individuals committed to maintaining the decentralization of the network.

Validator Functions in XRPL:

• Verify and ensure every incoming transaction is in accordance with the consensus.
• Maintain network security and integrity.

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How to Use XRP Ledger

To use the XRP Ledger, you need to create an XRP wallet. Initially, XRP required users to have a minimum balance of 10 XRP as a reserve, but now with just 1 XRP, you can open a wallet and start trading.

Steps to use XRP Ledger:

• Create an XRP Wallet:Prepare a minimum balance of 1 XRP to open a wallet.
• Money Transfer:Send money between countries at low cost.
• Use DEX:Take advantage of the decentralized exchange (DEX) feature to exchange various digital assets.

With this ease of access, XRP Ledger is increasingly being used by crypto users from various parts of the world.

XRP vs XRP Ledger: What's the Difference?

Although many people equate the terms XRP and XRP Ledger, the two serve distinct roles. XRP is the native digital asset used to facilitate transactions on the network, while XRP Ledger is the blockchain that supports the entire crypto ecosystem.

Difference:

• XRP:Digital assets used for transactions and liquidity on XRPL.
• XRP Ledger:Blockchain that provides infrastructure for transactions and other applications.

New Collaborations and Integrations

XRP Ledger continues to expand its network of partnerships with major companies, including DBS and Franklin Templeton, to develop tokenized products and introduce new features that support global financial transactions.

Collaboration Projects:

• DBS & Franklin Templeton:Integrating XRPL for tokenization of money market assets.
• Linklogis (China):Using XRPL for global supply chain finance.

New Technology and Product Developments on the XRP Ledger

XRP Ledger continues to innovate. One of the latest developments isLiquid Staking mXRP, which allows XRP holders to earn up to 8% returns and integrates XRPL into the DeFi ecosystem.

Conclusion

The XRP Ledger (XRPL) has proven to be one of the most efficient, fast, and decentralized blockchains, providing innovative global payment solutions. With advanced features like DEX and asset tokenization, the XRPL opens up numerous opportunities for the future of digital finance.

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FAQ

What is XRP Ledger?

XRP Ledger (XRPL) is an open-source blockchain that supports fast and low-cost transactions for global payments.

How many validators are there on the XRP Ledger?

Currently, more than 150 independent validators maintain the XRPL worldwide.

What is the difference between XRP and XRP Ledger?

XRP is a digital token used in transactions, while XRP Ledger is the blockchain that supports those transactions.

How to use XRP Ledger?

Users can open an XRP wallet, send money internationally, or use the DEX and tokenization features on the XRPL.

What are the advantages of using XRP Ledger?

The XRP Ledger offers fast, low-cost, energy-efficient transactions and supports the DeFi application ecosystem and asset tokenization.