As we have been able to appreciate in recent times, the DeFi scope usually stands out not only for Cryptocurrencies and other crypto assets of its open technological-financial ecosystem. If not also, for many of its applications, such as wallets, messaging and payment systems, and trading applications or market monitoring, among others.
Like, for many of its technologies of systems or platforms (networks) based on blockchains (blockchain). Being one of them, "XRP Ledger" which is basically a open source blockchain technology, widely used in the international banking sector. Above all, because it works without permissions (permissionless) and in a decentralized way, managing to settle transactions very quickly (From 3 to 5 seconds).
And since, this DeFi technology is closely related to Distributed Accounting Technology (DLT) and other concepts, which we dealt with from time to time on previous occasions, we will immediately leave the links of said previous related posts. So that, if necessary, they can be easily read at the end of reading this publication:
"Distributed Ledger Technology, also known by its acronym in English DLT from the phrase "Distributed Ledger Technology" is usually used mainly in the field of private development, but includes Blockchain Technology, which is basically the same but the field of public development . DLT only refers to the technology in a complete way, that is, to the technology that makes possible transactions on the internet in a secure way and without intermediaries, through distributed databases, which guarantee the immutability and cryptographic protection of the data.. " Crypto Assets and Cryptocurrencies: What should we know before using them?
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XRP Ledger (XRPL): A decentralized and public blockchain
What is XRP Ledger?
"A scalable and sustainable, public and decentralized blockchain, run by a global community of developers. That stands out for being fast, energy efficient and reliable. And for its excellent support to develop developments within it, its low transaction costs and a large community of experts that provides developers with a solid open source base to execute the most demanding projects, without significant collateral damage to the environment.. "
They also add in the GitHub official website property of "Ripple", that said technology is:
"A decentralized cryptographic ledger powered by a network of peer-to-peer (P2P) servers. Which also uses a novel Byzantine fault tolerant consensus algorithm to settle and record transactions in a secure distributed database without a central operator. "
About XRP, Ripple and more
Given the, XRP Ledger (XRPL) it is open source technology on which anyone can develop projects, this is usually better known by other various projects and organizations that have made use of them. Among those we can mention the following:
Cryptoactive or native cryptocurrency of XRP Ledger that operates on RippleNet (Digital Payment Platform) which in turn, operates on XRP Ledger (Distributed ledger database). And it was created by the Ripple company to be a fast, less expensive and more scalable alternative to other existing digital assets and money payment platforms like SWIFT. Therefore, it is a public asset, free of counterparties, designed to serve as a bridge between the many existing Fiat currencies.
Private company that built and operates a payment and exchange network called RippleNet on XRP Ledger. Its main objective is to connect banks, payment providers and digital asset exchanges, enabling faster and more profitable global payments. And it uses XRP to help build the Internet of Value so money can move as quickly and efficiently as information does today.
Server software that powers the XRP Ledger. It is available under the permissive open source ISC license. Also, it is primarily written in C ++ and runs on a variety of platforms. When run in validator mode it allows connection to the XRP Ledger peer network, retransmission of cryptographically signed transactions, and maintenance of a local copy of the complete shared global ledger, that is, of the XRP Ledger (Database of Record distributed).
Digital payments network managed by the company called Ripple, which offers connections with hundreds of financial institutions around the world through a single API, allowing fiat money transactions to be carried out faster, cheaper and more reliably for all involved.
In summary, "XRP Ledger" is a novel open source technology from the DeFi domain, based on the use of Blockchain or DLT, which is in full development and adoption by the international banking sector, to provide its users and customers with better services, much faster and more reliable.
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