Ripple is the name of a digital payment network powered by blockchain technology, while XRP is the native token to the platform.
The Ripple network facilitates a payment settlement protocol and remittance system similar to the SWIFT system used by banks and financial institutions for international money transfers.
Ripple transactions use less energy than Bitcoin, cost very little and can be confirmed in a shorter time than Bitcoin, making it more attractive for users that need to conduct high volume and high-speed transactions.
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Yes, in order to buy and store XRP you will need a digital wallet. When creating an account on Oobit you automatically gain access to a range of cryptocurrency wallets, including an XRP wallet.
While the adoption of XRP in the retail space is yet to gain ground, users can pay for goods and services with Oobit Pay. The fast and free service allows users to pay anyone or business instantly with just a mobile number.
Ripple started as an idea in 2004 but came into fruition in 2012 when Jed McCaleb and Chris Larson joined Ryan Fugger to build the platform. Initially called OpenCoin, it was rebranded to Ripple a year later.
XRP transactions are almost instant, typically taking 3 to 5 seconds to complete a transaction. When using Oobit Pay, transactions are instant and incur no fees, further harnessing the power of XRP.