Basics of XRPL that can be understood by anybody
XRP Ledger (XRPL) is a blockchain network similar to Bitcoin!
Blockchain networks are unique in that they allow people to exchange money directly with each other, over the Internet.
In this chapter, I will try to explain it as clearly as possible!
XRPL Basics
- XRPL is a system for recording money transactions.
- It uses a digital currency called XRP, which allows for very fast and cheap money transfers.
- There is no person or organization that manages the XRPL. Everyone supports each other!
- It is freely available to everyone in the world.
- The value of XRP money fluctuates every day, just like the dollar or the yen!
Good points of XRPL
- Remittance is very fast! It only takes a few seconds.
- The commission fee is very low!
- Can easily exchange money from all over the world.
How XRPL works
- XRPL is run by a bunch of computers called validators.
- Validators play an important role in checking and recording whether a transaction is correct or not.
- Validators talk to each other and reach a consensus.
The Future of XRPL
- Anyone can use XRPL! As people from all over the world come up with ideas, the use of XRPL is likely to expand rapidly in exchanging money around the world.
- Financial institutions are also interested in XRPL and are beginning to use it for cross-border transactions.
- In the future, XRPL may become a very important method of exchanging money around the world.
The above is a basic explanation of XRPL!
XRPL is expected to be a technology that will make exchanging money (value) around the world more convenient.
Everyone should keep an eye on XRPL!