Most of the people who are interested in the world of cryptocurrencies tend to know the history of the pioneer cryptocurrency, Bitcoin. However, the general public is unaware of the evolution of Ripple and the reasons why this digital asset currently has one of the largest market capitalizations. In this article, we will see the genesis of the Ripple project and its XRP token, where the idea for the creation of this cryptoactive came from and how it reached the current state. Although the blockchain community does not always approve of Ripple, its chronicle deserves to be explained in detail. The beginnings of Ripple The Ripple cryptocurrency as we know it today, was born in 2012 . In fact, it grew out of another project called Ripplepay , created by Ryan Fugger and dating back to 2004 . The objective of this project was to create a decentralized currency that would allow people to create their own monetary system. Based on these fundamentals, Jed McCaleb , considered one of the creators of the current Ripple, decided to develop a cryptocurrency . Bitcoin already existed at that time and the decision was made not to use the same mining protocol to verify transactions. Instead, the team decided that the transactions were verified by consensus. among the members of the network. With this in mind, Jed McCaleb and another investor, Chris Larsen , decided to propose to Ryan Fugger his idea of turning Ripplepay in a cryptocurrency . This can be considered Ripple's entry into the world of cryptocurrencies, accompanied by the creation of OpenCoin Inc. in 2012 . The Ripple Transaction Protocol (RTXP) OpenCoin Inc., which would become Ripple Labs Inc. in 2013 , decided to start developing a payment protocol called Ripple Transaction Protocol (RTXP), with the aim of allowing two parties to have the possibility to transfer money without intermediaries and almost of righ now . The main advantage of this system lay in the reduction of waiting time compared to traditional banking , in addition to allowing the transfer of legal tender currencies such as the dollar , the euro or the yen . To ensure the security of the process, the company decided to program Ripple to manage a network of servers that had the ability to independently validate transactions, comparing transaction records. To facilitate these transfers, the company decided to create its own token , dubbed XRP , which makes it easier for financial institutions to transfer money by facing very low transaction fees. . In September 2013 , following the change of the company's name, reference client, and source code, Ripple's server became publicly available, free, open-source software . Specialization in the banking market Gradually, banks were realizing the value contributed by the use of Ripple technology to improve their way of operating. The first bank to work with Ripple was Fidor Bank , a Munich-based digital bank, from the beginning of 2014 . Things really started to take off in December 2014 , when Ripple Labs chose to combine its software with the payment service of Earthport , a financial company that offers its services to banks in more than 65 countries , including large players, such as the prestigious Bank. of America and HSBC . On this precise date, XRP dethroned LTC as the second largest capitalization digital asset, just behind BTC . In September 2016 , Ripple made an announcement that caused a sensation, revealing the creation of the first interbank group that would allow participants to make global payments based on distributed financial technology (i.e. blockchain). In October 2017 , Ripple announced a partnership with more than 100 financial institutions that would use the company's technology to provide an instant global payment service . Ripple's issues with the SEC (US financial regulator) On December 22, 2020 , a press release was issued on the Securities and Exchange Commission (SEC) website accusing Ripple , as well as two of its executives ,...
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