Ripple — XRP starting kit

From a humble beginning to become the fourth largest cryptocurrency globally, Ripple and its XRP have dominated the crypto industry.

Henrique Centieiro & Bee Lee

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A decentralized technology platform has been developed for the banking sector, with global bank transfers in mind. However, today its native token, the XRP, is one of the most traded digital assets globally.

Since its inception, Ripple has been in the news, both for its exemplary services and how banks and other financial institutions see it as nothing more than a fad that offers nothing new, mostly due to its perceived scalability issues.

Ripple, a Brief History

Ripple has its history older than modern cryptocurrencies. Ryan Fugger, a relatively unknown person back in 2004, came up with an idea of creating a decentralized monetary system that wouldn’t rely on a single controlling authority and would essentially allow the public to participate and create whole digital currencies on the system, independent of any regulatory or controlling authority. He later went on to develop the first version of his independent monetary system.

During the same time Fugger was working on his concept, Jed McCaleb, the American banker and entrepreneur who has made other major projects such as Steller, eDonkey Overnet and the doomed Mt. Gox; was working on a similar idea. The cryptocurrency imagined by McCaleb relied on members in the network to validate transactions rather than use the energy-intensive Proof of Work employed by other cryptos, such as Bitcoin. In 2012, McCaleb hired Chris Larson to help in the development of the digital currency. They later both approached Ryan Fugger, and they all teamed up to work towards building a common system.

Fugger was eventually convinced to handover the control of the organization to McCaleb and the team. Fugger quit after handing over the control. OpenCoin was launched officially in September 2012.

After its launch, OpenCoin started developing its own protocol, the Ripple, along with a payment network and an exchange system. During the spring of 2013, OpenCoin secured multiple venture capitals to fuel its development through its closed angel investment round. OpenCoin rebranded itself…

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Henrique Centieiro & Bee Lee

👑8X Top Writer | Crypto, AI, MidJourney, Tech, Investing, Mindset |🧠Founder of https://medium.com/be-limitless |🌳Stay in Touch: https://linktr.ee/cryptohenri