Today we kicked off the first phase of the Ripple Giveaway and sent ripples (XRP) to over 25,000 Beta Users who signed up for our mailing list.
We hope these early-adopters test the Ripple protocol, experience the utility of the network, and help us build the world’s smartest, fastest, and most powerful payment system.
What are ripples (XRP) and why do people want them?
Ripples are a currency inside the Ripple network that serves several important functions:
1. Ripples act as a security measure for the network. Every transaction on the Ripple network destroys an infinitesimal amount of XRP. This amount will be unnoticeable to normal users, but prevents anyone from flooding the network with excessive transactions. (If the Internet had a similar “cost” for communication requests, it could prevent Denial of Service attacks and other abuses.)
2. Ripples are required to activate an account. To prevent anyone from creating excessive empty accounts and slowing down the network, every Ripple account must have a minimum reserve of 50 XRP to be active.
3. Ripples are required to make currency trades or open trust lines. Ripple users can trade currencies on the network and create trust lines with reliable businesses. To prevent anyone from creating excessive amounts of trade orders or trust lines, every Ripple account must have 12 XRP for each order or trust line.
4. Ripples can be sent instantly to any other Ripple user. Users can send ANY currency within the Ripple network, but ripples are the easiest currency to send to the most users.
5. Ripples have value. You can see the current exchange rates at RippleCharts.com.
Our goal is to make Ripple the best way for people to send money to anyone, anywhere.
We believe Ripple will make the world a better, more efficient, more prosperous place. To all of our new Beta Users, thank you for helping us make that world possible.
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