in its battle with the U.S. Securities and Exchange Commission lifted a regulatory cloud that had hung over the project for years.
Benefits come in the form of security, speed and throughput, but the downside is that more centralized networks are more susceptible to the influence of major players, or prone to single points of failure.
The trio’s mission – which they eventually merged with RipplePay – involved bridging blockchains with traditional finance through faster transactions, cheaper fees and lower energy costs. Their new company, called “OpenCoin,” eventually re-branded to Ripple Labs – the organization we know today.
Unlike Bitcoin, which set out to disrupt traditional banking, Ripple’s focus would be on making iterative improvements to the existing financial system. Crypto purists and bitcoiners stick their noses up at Ripple’s many financial and central bank partnerships – arguing they’re anathema to what “decentralized” payment networks are all about. XRP’s enthusiastic fanbase, the XRP Army , espouse a different view.
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