It is a halal coin.
XRP, launched in 2012, is the native token of the Ripple network, designed for fast and cheap cross-border payments. Here’s a quick breakdown:
- Focus on Payments: Unlike Bitcoin or Ethereum, XRP prioritizes facilitating secure and efficient international transactions between banks and financial institutions.
- Faster and Cheaper: XRP transactions are quicker and incur lower fees compared to traditional banking methods.
- Interledger Protocol: Ripple utilizes a unique protocol that connects different ledgers, enabling seamless communication between various financial systems.
- Pre-mined Token: Unlike mined cryptocurrencies, XRP has a pre-defined total supply, with a portion held by Ripple for network development and liquidity.
While XRP offers potential for revolutionizing cross-border payments, its pre-mined nature and ongoing legal battle with the SEC regarding its classification as a security raise questions about its decentralization and future.