Ripple was created in 2012 by Jed McCaleb and Chris Larsen. Previously Ripple was known as Opencoin. Later it was renamed to Ripple on 26 September 2013.
Jed McCaleb is an American programmer who is known for creating eDonkey which is a peer-to-peer file sharing network, Overnet, a peer-to-peer network, and Mt.Gox, the Bitcoin exchange. Later in 2014 he left Ripple and founded Stellar which is the fork of Ripple.
Chris Larsen is an American business executive and angel investor. Prior to Ripple he founded Proper.com which connects investors directly to borrowers and the first online peer-to-peer mortgage lender, E-Loan Inc. which allows users to shop directly for loans.
Chris Larsen and Jed Mcaleb began developing a new payment protocol called the Ripple. They aimed to create a digital currency where transactions are verified by the votes of the network members rather than the mining process used by Bitcoin. Thus, the currency is less reliant on electricity usage and is much faster than Bitcoin. Ripple’s goal is to lower the cost of cross border payments, so money can move around the world just like information. Ripple plans to achieve this by focusing on banks and financial institutions only and providing them global payment network solutions including the digital asset XRP.
Ripple has attracted investors such as Andreessen Horowitz, Google Ventures, Accenture, Seagate, and many more. As more companies join Ripple and use its products, the demand for XRP is increasing. There are currently over 100 banks and payment providers active on Ripple’s network. These include big-name clients such as Santander, UniCredit, UBS and Standard Chartered.
On 21st December 2017 Ripple reached a milestone of $1 in value for the first time in its history. On 3rd January 2018 Ripple achieved another milestone, when its market capitalization reached a value of $100 billion, which temporarily made Ripple the second most valuable cryptocurrency.
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