Ripple is a global settlement system currency exchange and remittance network. It is based on an open-source protocol that supports tokens standing as fiat, cryptocurrency and business commodities.
Ripple is in the forefront of using the blockchain to enhance the cross-border payment processing and transfer of commodities, in a seamless condition.
As a global leader in the enterprise blockchain, Ripple has a network of financial institutions and corporations that utilize its infrastructure. Hundreds of customers around the globe have Ripple products; xCurrent, xVia, and xRapid in their range.
Ripple aims to provide the right infrastructure for a uniform payment system. That will help banks and other businesses, provide easier, quicker and faster payment experiences as they relate with the outside world.
Ripple infrastructures were designed in such a way that they can be used by banks and other institutions without intermediaries. Ripple is a digital-payment processing system and also uses its digital asset (XRP). Payment processors like banks and other businesses can utilize the Ripple system without revealing Ripple to their Customers.
“Ripple Gateways * Banks, card issuers, payment processors and remittance services may use Ripple’s infrastructure behind the scenes without exposing Ripple to their customers. Integrated businesses enable all of their customers to transparently send or receive payments ½”
Ripple infrastructures are designed to make payment processing and other transaction faster and cheaper, it is a better crypto option for those involved with bigger transactions like financial intuitions.
Ripple is often used in place of the cryptocurrency XRP, but it is actually a name for the company, Ripple Lab, that owns about 60 billion XRP and 55 billion of it in an escrow account.
Ripple blockchain technology is different because the currency is not mineable while other currencies like bitcoin are mined.
One can say that Ripple might have much control over their platform and decentralized infrastructure which they designed to suit what they are focused to achieve.
One Of Their blockchain systems is known as RippleNet which offers programs or infrastructures used by financial institutions and businesses. These include a payment processing system for banks, known as xCurrent.
The xRapid, which enables financial institutions to reduce liquidity cost while using XRP to hold the gap between a fiat currency to another. xVia, which enables businesses to send payments via RippleNet.
Ripple infrastructures are financial tools which were designed to function independently without any linking to the digital firm.