Ex-Ripple Executive Shows Maximalists Wrong About Bitcoin
In a debate with Bitcoin maximalists, Matt Hamilton, the former director of developer relations at Ripple, said that the company has no central authority and only manages 5% of all XRP Ledger nodes. Anyone can operate an XRPL node and validate transactions equally with other nodes, according to Hamilton.
It was a Twitter user’s claim that XRP is a fully centralized coin and that all XRPL nodes are run solely by XRP that caused Hamilton’s ire and the dispute.
Ripple – XRPL decentralization nuances
Back in 2013, when Ripple was not yet being investigated and XRP Ledger was just starting to develop to enhance blockchain capabilities and move the technology to a global level, a debate between the Bitcoin maximalist group and the XRP community started.
A short while later, the creators of XRPL/Ripple released the technical details of the protocol that underlies the system, known as the Ripple Protocol Consensus Algorithm (RPCA), which, in their opinion, has many advantages over the proof-of-work approach used to reach consensus on the Bitcoin network. It outlines how a system of autonomous Ripple validator nodes controls XRPL. Any transaction must be verified by at least 80% of the network’s nodes, according to the protocol.
More than 150 validators are currently active on the network, with 35 of them included in the Unique Node List by default, from which XRP runs six of these nodes.
Despite the fact that anyone can become a validator, as Matt Hamilton pointed out, Ripple nonetheless publishes one of three Unique Nodes Lists—a particular group of dependable validators that comprises significant financial institutions and organizations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Ex-Ripple Executive Shows Maximalists Wrong About Bitcoin
In a debate with Bitcoin maximalists, Matt Hamilton, the former director of developer relations at Ripple, said that the company has no central authority and only manages 5% of all XRP Ledger nodes. Anyone can operate an XRPL node and validate transactions equally with other nodes, according to Hamilton.
It was a Twitter user’s claim that XRP is a fully centralized coin and that all XRPL nodes are run solely by XRP that caused Hamilton’s ire and the dispute.
Ripple – XRPL decentralization nuances
Back in 2013, when Ripple was not yet being investigated and XRP Ledger was just starting to develop to enhance blockchain capabilities and move the technology to a global level, a debate between the Bitcoin maximalist group and the XRP community started.
A short while later, the creators of XRPL/Ripple released the technical details of the protocol that underlies the system, known as the Ripple Protocol Consensus Algorithm (RPCA), which, in their opinion, has many advantages over the proof-of-work approach used to reach consensus on the Bitcoin network. It outlines how a system of autonomous Ripple validator nodes controls XRPL. Any transaction must be verified by at least 80% of the network’s nodes, according to the protocol.
More than 150 validators are currently active on the network, with 35 of them included in the Unique Node List by default, from which XRP runs six of these nodes.
Despite the fact that anyone can become a validator, as Matt Hamilton pointed out, Ripple nonetheless publishes one of three Unique Nodes Lists—a particular group of dependable validators that comprises significant financial institutions and organizations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
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