Name : Ripple (XRP)
XRP Price : $0.53800 +2.24%
Consensus Mechanism : XRP Ledger Consensus Protocol
Volume: 1,326,534,991
Market Cap: 30,487,014,258
Shariah Judgement
As of now, the projects provided by Ripple appear to be in accordance with Shariah principles.
Shariah Status : Yes
Last Screening: Q3 2023
Legitimacy:
Project:
Token:
Reward:
Yes
Shariah
Legitimacy
People
Shariah Analysis
Project/Products | Use Case | Status |
---|---|---|
Public Blockchain | XRP Ledger is a decentralized and public blockchain that requires approval from at least 80% of the network for any changes impacting transaction processing or consensus. | Passed |
Efficient Transaction Processing | XRP Ledger's consensus process does not require multiple confirmations for immutability, making it faster and more efficient at processing transactions compared to Bitcoin and other major cryptocurrencies. | Passed |
Support for Tokenizing Arbitrary Assets | XRP Ledger was specifically designed to support the tokenization of arbitrary assets, providing a versatile platform for creating and managing digital tokens. | Passed |
Development of a Layered Ecosystem | XRP Ledger fosters a deep and layered ecosystem of software projects that power and enable an "Internet of Value," facilitating seamless value exchange and transactions on the blockchain. | Passed |
Use Case | Status |
---|---|
XRP was created as the native asset of the XRP Ledger to enable faster, greener, and cheaper digital payments compared to traditional methods. | Passed |
XRP acts as a bridge currency in the decentralized exchange of the XRP Ledger, facilitating the exchange between different currencies when it benefits the users. | Passed |
All XRP Ledger addresses must hold a minimum amount of XRP as a reserve, which helps offset the costs of maintaining the XRP Ledger. | Passed |
XRP is used to pay for transaction fees within the network. | Passed |
Additional Information : In summary, XRP token is utilized for fast and cost-effective digital payments, serving as a bridge currency and protecting the network from spam. It also plays a crucial role in maintaining the XRP Ledger through minimum reserves and transaction fees while continually exploring innovative use cases.
System | Status | Interpretation |
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Additional Information : XRP does not have a traditional reward system or direct economic incentives, as its coin supply is regulated through a smart contract without the need for mining or staking. Validators in the XRP Ledger are not provided with direct incentives
Legitimacy Analysis
Details | Status | |
---|---|---|
Whitepaper | Ripple's legitimacy is reinforced by its well-documented whitepaper, presenting clear information about its projects and achievable goals. | Passed |
Project | Ripple (XRP) demonstrates legitimacy by actively engaging its community through regular updates on social media. By keeping stakeholders informed about ongoing projects and developments, Ripple showcases transparency and accountability in its operations. | Passed |
Additional Information : Ripple is currently listed as digital assets up for trading on Recognized Market Operators approved by the Securities Commission of Malaysia to operate a Digital Asset Exchange.
People Analysis
Details | Status | |
---|---|---|
Team | Ripple's legitimacy is bolstered by its team's detailed qualifications and reliability in project organization. With comprehensive information about the team members and their expertise, Ripple demonstrates a commitment to transparency and accountability. | Passed |
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Overview
XRP is a decentralized and public blockchain that revolutionizes digital payments with faster, greener, and cheaper transactions compared to traditional assets. Utilizing an energy-efficient "consensus" mechanism and carbon offsets, XRP aims to be carbon-neutral. Its flexibility enables tokenization of various assets, while the consensus process's efficiency, devoid of mining or multiple confirmations, makes it faster and more effective than major cryptocurrencies like Bitcoin. Providing an eco-friendly and versatile platform, XRP fosters efficient payments, asset tokenization, and innovative applications.
Whitepaper & Documents
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