Today, Ripple is being developed to compete with payment platforms like SWIFT by offering fast, less costly and scalable payment and settlement alternatives.

The XRP ledger is maintained by numerous validator nodes around the world that sustain the network by confirming changes following the Ripple Protocol Consensus Algorithm (RPCA).

In simple words, all nodes have to agree on the same thing before transactions are processed. Because all XRP tokens are pre-mined, the network boasts of quick payment verification times and nearly costless transactions, making it near-perfect for day-to-day transactions.

XRP ledger is also beneficial when facilitating international money transfers without currency conversion, or sourcing liquidity for banks and money service businesses.