Ripple (XRP)

From Trezor Wiki
(Redirected from Ripple)
Jump to: navigation, search

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company.

XRP is the native currency of the Ripple ecosystem.

Overview[edit]

Firmware (device) support Trezor Model T 2.0.8
Available in Trezor Wallet? Yes (Beta)
Third-party wallets No

Overview[edit]

Ripple is based around a shared ledger, the XRP Ledger, which uses a consensus process that facilitates for payments, exchanges and remittance in a distributed process. The native token of the ledger is known as XRP, which as of November 2018 was the third largest cryptocurrency by market capitalization.

In Ripple, users make payments between each other by using cryptographically signed transactions denominated in either fiat currencies or Ripple's internal tokens (XRP). For XRP-denominated transactions, Ripple can make use of its internal ledger, while for payments denominated in other assets, the Ripple ledger only records the amounts owed, with assets represented as debt obligations. The mechanism of making payments by means a network of trusted associates is referred to as 'rippling.'

Wallet XRP.png

Base Reserve[edit]

The XRP Ledger applies reserve requirements for every address on the ledger. To activate an address and use it to send transactions, the address has to hold the minimum required amount of XRP.

The current minimum reserve requirement is 20 XRP

ImportantOnce you transfer the minimum reserve amount to a new address, you will not be able to move it elsewhere.

Destination tag[edit]

Destination tag is a unique identifier intended for the recipient of the transaction. Similar to the "Payment ID" used by Monero or regular "payment reference numbers" one would use in their bank transfers, this number is essential for identifying the origin of the transaction.

You have to use the destination tag when sending XRP to exchanges or vendors which need to identify and pair your payment. In these cases, destination tag is provided by the receiving party.

Bitstamp destination tag.png
Destination tag usage example (Bitstamp exchange)
Like Trezor? Get one here!