Ripple was created to become a faster and cheaper alternative to existing payment platforms such as SWIFT and other forms of digital payments.
Ripple operates on an “open-source” decentralized network, and this network makes money transfers easier, whether you are transferring dollars, euros, pounds, or cryptocurrencies like Bitcoin, Litecoin, etc.
It is necessary to understand the difference between the terms XRP, Ripple, and RippleNet.
XRP is a digital currency that operates on a digital payment platform within the RippleNet network.
RippleNet is a network consisting of payment service providers (such as banks and similar financial institutions) that use solutions developed by Ripple. All transactions are stored in the XRP Ledger, or "open-source" public book that allows everyone to view all transactions in real-time. These transactions are secured and verified by network participants through a consensus mechanism.