Ripple (XRP)

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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? No
Third-party wallets No

See also Trezor Supported coins & tokens page for more information about Trezor Ripple integration.

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.'

Criticism[edit]

Ripple has been criticized for not being a cryptocurrency - the system of trusted associates is not a trustless peer-to-peer system such as Bitcoin, as it requires a large amount of trust.

There are also issues with Ripple not being decentralized - the founding company owns around 60% of the XRP tokens in circulation, and all of the tokens in circulation were issued when Ripple was launched. Some have claimed that it is not a blockchain, but merely a payment system.

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