Differences between XRPL, XRP and Ripple: Army Must Know!

Bittime - In the world of blockchain and crypto, there are several terms that often appear, such as XRP, XRPL, And Ripple. Maybe you often hear about the three, but don't fully understand what the differences are. 

Don't worry, this time we will clearly discuss the differences between XRPL, XRP, and Ripple, so that you can understand better and no longer be confused when talking about blockchain or crypto.

XRPL: Fast and Trusted Blockchain Network

Let's start with XRPL. Imagine what XRPL is like super fast internet network very spacious and safe. XRP Ledger (XRPL) is a blockchain layer-1 which has proven its reliability for more than ten years. High transaction speeds, low fees, and its decentralized nature make XRPL a very reliable network. 

This means that no one party has complete control, so everyone can participate in this system. XRPL is the foundation used to run various blockchain-based transactions and applications.

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XRP: The Token that Powers the XRPL Network

Then, there is XRP. If XRPL is like an internet network, then XRP can be thought of as data or information that flows and allows the network to run. XRP is a crypto token that works as a payment tool in the XRPL network. 

In simple terms, XRP is used to pay transaction fees within the network and also serves as a bridge between various currencies. So, without XRP, transactions taking place on XRPL will not be able to run smoothly.

Ripple: The Company Developing the Technology Behind XRPL and XRP

Lastly, we have Ripple. If XRPL is the network and XRP is the data flow, then Ripple is the company that created and manages all the technology behind XRPL and XRP. Ripple is a technology company that develops various blockchain-based solutions, using XRPL, XRP and other digital assets. 

Ripple's main focus is to provide global payment solutions that are faster and cheaper compared to traditional payment systems. The company has also played a key role in the adoption of XRP and XRPL by financial institutions around the world.

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Conclusion

Now you understand better, right, what is the difference between XRPL, XRP, and Ripple? XRPL is the blockchain platform on which XRP operates, XRP is the token used in the XRPL network to facilitate transactions, and Ripple is the company that developed the technology. Even though the three are connected, each has a different role but supports each other.

It's very important to understand this difference, especially if you are interested in delving deeper into the world of crypto. With a clearer understanding, you can be more confident when discussing XRP, XRPL, and Ripple. So, ready to explore deeper and become more expert in this field?

FAQ XRPL, XRP, from Ripple

What is XRPL? 

XRPL (XRP Ledger) is a blockchain layer-1 which is decentralized and used for blockchain-based transactions and applications. The network has proven stable and efficient for over ten years, enabling fast and cheap tokenization of assets and exchange of value.

What is XRP and what does it do?

XRP is token crypto native to the XRP Ledger (XRPL). XRP is used to pay transaction fees on the XRPL network, as well as acting as a link between various currencies on the decentralized exchange (DEX) courtesy of XRPL. XRP also helps protect the network from spam.

What is Ripple's role in this ecosystem? 

Ripple is a technology company that develops blockchain-based solutions using XRPL, XRP, and other digital assets. Ripple aims to provide a faster, cheaper and more efficient global payment system, as well as support the adoption of XRP and XRPL by financial institutions around the world.

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Reference

Bitget, Understanding The Difference Between XRP and XRPL, accessed December 5, 2024.

Ripple, The Differences Between XRP Ledger, XRP, and Ledger, accessed December 5, 2024.

Author: MF