Ripple was created in 2012 by Chris Larsen and Jed McCaleb as a blockchain-based digital money transfer network for fulfilling the needs of the financial transactions. Following are the distinct features and objectives of Ripple network:
Ripple works on an open-source and peer-to-peer decentralized platform that helps in easily transferring various forms of fiat money, be it pound, dollars or rupees, or cryptocurrencies, like Ether or Bitcoin.
Its services included being a medium of exchange, international payment settlement and remittance system.
Ripple protocol was developed primarily for ensuring secure, instant and almost free global money operations irrespective of amount without any chargebacks.
More importantly, Ripple network has its native cryptocurrency XRP, which has been developed to operate and serve various utilities on the Ripple network. XRP was launched in 2012 only with 100 billion tokens, of which 80 billion tokens went to the company and 20 billion to its co-founders.