A Bridge Currency To Move Between Various Fiat Currencies.
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The XRP Ledger (XRPL) is an open-sourced distributed ledger powered by a network of peer-to-peer servers.
XRP is the digital asset native to XRPL It is designed to function as a bridge currency, with the goal to "power innovative technology across the payments space" and enable "seamless, real-time, final, and cost-effective" global payments.
The XRPL also supports IOUs (issued obligation-like assets tracked on ledger), which can represent a large variety assets (e.g. fiat currencies, gold, airline miles, credit card points, and other cryptocurrencies).
The XRPL offers a decentralized exchange, allowing for trading of IOUs and XRP. XRPL also offers smart contract functionality and supports the network-agnostic Interledger Protocol.
The supply of XRP is capped at a total of 100 billion XRP while the available supply of XRP is designed to decrease over time, as the accrued amounts of transaction fees are “destroyed”.
XRPL was initially released in 2012. Since then, the various components of the XRPL community have been maintained by community participants. Furthermore, Ripple includes XRP in many of its service offerings.