What is XRP?
XRP cryptocurrency is a native asset of the decentralized XRP Ledger (XRPL) network. XRP can be used as the method of payment or as a medium of exchange on the XRPL decentralised exchange (DEX). It’s designed to bridge to many different cryptocurrencies, fiat currencies, commodities, or other units of value. XRP payments consume negligible fees (which are burned) and taking only 3-4 seconds, they are irreversible, and there are no chargebacks.
What is the XRPL amendment process?
Changes and upgrades to the XRPL are going through the amendment process. Before an amendment can apply, 80% of all UNL validators should support it for two week continuosly. The amendments system is utilizing the core consensus process of the network, therefore new features are introduced without causing disruptions.
How big is the XRP supply?
There are no mining on XRPL, 100 000 000 000 XRP is the maximum total supply, which can’t be increased but is constantly decreasing as XRP fees are burned. Most of XRP are held in Escrows, therefore the circulating supply is just above 44 000 000 000 XRP.
What are the fees on XRPL?
To protect the XRPL network from attacks and spam each transaction must destroy a small amount of XRP. The usual transaction fee is just 10 drops, 0.000010 XRP.
Why are some XRP reserved?
To protect the XRPL network from spam transactions, some transaction types require some XRP amounts to be reserved. 20 XRP is a base reserve when you activate your account, it’s held and can not be spent. 5 XRP is a reserve for adding a trustline for IOU (xrpl token). Reserves are also taken for creating escrows, setting multisignature or owning other xrpl “objects”. Reserves for “objects” are released back when an escrow is finished or canceled, trustline removed, multisignature setup removed and in some other cases. In the same way that the account can be deleted, with the fee of 5 XRP, you can delete your account and get up to 15 XRP of the base reserve to another account of yours.
How is XRPL different from Bitcoin?
XRP payments are very fast, and consume negligible fees. It’s eco-friendly as it doesn’t consume so much power compared to cryptocurrencies utilizing PoW (Proof of work) like Bitcoin. XRP has a base reserve, destination and source tags. It’s designed to reuse the same XRPL account many times.