INTRODUCING THE XRP LEDGER

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Based on Fugger's work and motivated by the invention of Bitcoin, Ripple launched the Ripple Consensus Ledger (RCL) and its in-house cryptocurrency XRP in 2012. Later, the RCL was changed to XRP Ledger (XRPL).

The XRPL operates as a distributed economic system that not only keeps all of the network users' accounting data but also offers exchange services for a variety of currency pairings. The XRPL is a distributed ledger that supports real-time financial transactions and is open-source, according to Ripple. Through a consensus method, the network's users secure and validate these transactions.

The XRP Ledger, unlike Bitcoin, does not rely on mining to authenticate transactions because it does not use a Proof of Work consensus mechanism. The network instead uses its own specialized consensus method, formerly known as the Ripple Protocol Consensus method (RPCA), to obtain consensus.

A network of autonomous validating nodes that regularly compare their transaction records controls the XRPL. Anyone can create and manage a Ripple validator node, as well as select which nodes to use as validators. To validate their transactions, Ripple advises its clients to employ a list of known, dependable participants. The Unique Node List (UNL) is the name given to this list.

Until everyone concurs on the ledger's present state, the UNL nodes trade transaction data among themselves. In other words, the consensus is reached when all UNL nodes apply the same set of transactions to the ledger, and transactions that are approved by a supermajority of UNL nodes are taken to be valid.

On its official website, Ripple describes itself as a privately held business that contributed to the creation of the XRPL as an open-source distributed ledger. Since anyone can contribute to the code, the XRPL can continue even if the company goes out of business.

_{https://academy.binance.com/en/articles/what-is-ripple}