Ripple’s ODL is a different system to its new bank-focused settlement protocol RippleNet, which due to current regulatory concerns cannot support XRP as yet. Within the Ripple ecosystem, XRP performs a variety of tasks. First off, it serves as a bridge currency, enabling institutions to streamline international trade by first converting fiat money into take a look at this site XRP and then into the desired currency. The expenses and time involved with conventional settlement techniques are decreased by using this process. Even in the technology department, Ripple differs greatly from other cryptocurrencies. First, the Ripple network doesn’t run on a blockchain. Second, XRP doesn’t rely on mining to mint new units of XRP or to validate transactions. Instead, transactions on the Ripple network run through validating servers, which constantly compare the information they receive and process with a common ledger. For this reason, Ripple doesn’t expend as much energy and computing power while still allowing for faster transaction speeds.