XRP is the native currency used on the Ripple payment protocol. In contrast with most other cryptocurrencies, XRP was 100% pre-mined at its inception. This means that unlike cryptocurrencies like Bitcoin and Ethereum, where new tokens come into existence by being mined by the network, all 100 billion XRP were created at the same time at the initiation of the blockchain. As a result, Ripple Labs, the company behind Ripple and XRP, owns most of the tokens (circa 60 billion). This led to Ripple being one of the most discussed and controversial projects in existence, mainly because of the high rate of centralization.
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