What is Ripple’s Consensus Protocol (What does Ripple mean?)

08/18/2023 23:04 • Metaverse Matters • 68 views

What is Ripple’s Consensus Protocol? Ripple’s Consensus Protocol is a protocol based on blockchain networks with the aim of promoting the decentralization of Ripple. It is achieved through consensus among community members in a network called “Coordination” to develop new products or services on the R3 open-source platform XRP. If anyone votes in favor and agrees with the proposal, they will receive fee income related to the consensus process (depending on the entire system). These tokens are considered to provide value for other digital assets.

To address this issue, R1 decided to use a method called “Coordicide” to perform a specific operation, namely sending funds to R2 nodes. As the R3 team has already developed their own software, they hope to use this method to allow R3 to continue developing and scaling their software, making it faster and more efficient. However, due to R3 not having as many technical resources as before to handle the complex proof-of-work process and the time and effort it takes to introduce it into the mainstream.

Currently, there are two different options to consider:

1. Create an alternative model like Stellar, a new payment network, and two complementary solutions.

2. Implement a separate functional layer protocol (similar to Bitcoin) starting from another protocol, but this would result in them not being fully satisfied. The most common approach is to adopt “Coordination” instead of the traditional consensus mechanism.

This approach is also commonly used to build other functional components, including some existing technologies, such as distributed ledgers and other types of infrastructure.

According to Cointelegraph’s previous report, the R3 Foundation has submitted proposals on how to implement a “consensus plan”. (U.Today)

What does Ripple mean?

According to cryptoglobe news, Ripple (XRP), known as “瑞波” (RX) in Chinese, is a digital currency founded by Bitcoin supporter and billionaire investor Mark Karples in January 2008.

Although this may sound unfamiliar, it is issued based on blockchain technology and is one of the most popular applications in the financial field. It can be used as a means of payment or as a store of value. Ripple has two main uses: transaction fees or hedging against inflation. One purpose is to reduce costs without compromising security. The other is to reduce losses by transferring funds to exchanges to increase efficiency, and this type of token is also known as a “stablecoin”.

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What is Ripple’s Consensus Protocol (What does Ripple mean?)

What does Ripple mean?

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