Ripple is a digital payment protocol and cryptocurrency that was created in 2012 by Ripple Labs Inc. It aims to enable fast, secure, and low-cost international money transfers. Unlike other cryptocurrencies like Bitcoin or Ethereum, Ripple does not rely on a blockchain technology. Instead, it uses a consensus algorithm called the XRP Ledger to validate transactions.
One of the key features of Ripple is its ability to settle transactions in real-time, making it an attractive option for financial institutions and banks looking to improve their cross-border payment systems. The native cryptocurrency of the Ripple network is called XRP, which can be used as a bridge currency for facilitating these transactions.