By
Mayowa Adebajo
April 18th, 2024
The XRP Symbol project has been initiated to assign XRP tokens a Unicode-compliant currency sign.
The XRP digital currency commonly referred to as the Ripple cryptocurrency in the global community looks to be set for an image makeover of its own. In a bid to assign a new logo for the XRP tokens, Alexavier Guzman has unveiled an open-source platform called XRP Symbol. Under this new initiative, Ripple token or XRP will also be assigned a Unicode-compliant currency sign.
One of the major reasons for Guzman to start this initiative was that he realized that XRP doesn’t have a Unicode Standard symbol, but instead an ISO 4217 currency code (XRP). Guzman wrote:
“The XRP Symbol is an open-source project that started after I realized that XRP was using an ISO 4217 currency code and not a symbol or currency sign. Other cryptocurrencies like Bitcoin were given a symbol that was added to the Unicode Standard, the symbol for Bitcoin is “₿”… I believe that XRP should be treated just like any other currency.”
Ripple Labs, the San Francisco-based blockchain startup has also lent its support to this initiative and tweeted about the same.
There is a community movement for a unique #XRP symbol. We agree! XRP is independent of Ripple. Submit your idea now. #XRPCommunity https://t.co/ZnfVMiK9i2
— Ripple (@Ripple) May 10, 2018
In a Forbes op-ed, Guzman wrote that one of the major goals is to design a logo for XRP different from the existing one used by the company. “Because XRP does not currently have its own symbol or logo, the currency is often associated with Ripple’s trademark. Because of this, many people believe that XRP is a product of Ripple, and even go as far as to call XRP ‘ripples.’”
Understanding XRP
Guzman in his article goes to explain in detail that what actually is XRP. XRP is basically a digital currency token or a digital asset that is used on the XRP decentralized Ledger that is powered through a network of peer-to-peer servers. Moreover, the codebase required for implementing XRP is a completely open-source project released by Ripple.
One of the good things about the XRP Ledger’s open-source software is that it can be implemented at any scale. Currently, XRP tokens are been used as native currency on the XRP Ledger. The XRP tokens can be used by payment services and bank in order to provide liquidity for cross-border global transactions at low cost.
Moreover, being an open-source software, the XRP tokens can also be used as a currency for making an everyday purchase. Other cryptocurrencies like Bitcoin which need a few minutes or even hours to process the transactions which don’t make it an ideal choice for being used at point-of-sale terminals. On the other hand, XRP takes only 4 seconds to process the transaction and hence can be an ideal choice for daily usage. Additionally, the XRP Ledger’s internal currency exchange lets it to be used anywhere in the world and can automatically be converted into the local currency.
In the recent times, the close association between Ripple and XRP has become a hot discussion especially the U.S regulatory watchdog Securities and Exchange Commission (SEC) has had it eyes for XRP tokens to be classified as securities.
Gary Gensler, a former regulator at the Commodity Futures Trading Commission (CFTC) the distribution structure of XRP makes it be identified as security. However, Ripple head of communications Tom Channick has said: “Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security.”