David Schwartz, the CTO of Ripple, spoke to the News and Research Team from the McCombs School of Business at The University of Texas in Austin and explained the key differences between the XRP Ledger’s consensus and Proof-of-Work [PoW] protocols.
Schwartz said that they started by building a “Federated Byzantine Agreement Model”, which was considerably different from Bitcoin’s Proof-of-Work. He said that their model had different characteristics than Bitcoin’s PoW, making it better suited for the cross-currency system.
“The miner who mines a particular block gets to choose every transaction in that block, so those are sort of a dictator-of-the-moment and they are completely self-interested, they are not trying to help you out, they are trying to help themselves out.”
Schwartz said that on the XRP Ledger, transactions were picked by validators in an unbiased manner. If a transaction was ever deemed biased, the users would stop considering them as validators and move on to another validator. Schwartz said,
“So we built the ledger from the beginning as a multi-currency ledger, and I think that we built in peer-to-peer credit and lendings to people and I think that is probably the key difference between XRP’s consensus mechanism and Bitcoin’s proof-of-work.”
Explaining this in one of his blogs, David Schwartz stated:
“The XRP Ledger is and always has been inherently decentralized because the users always retain the freedom to change their UNLs and the corresponding validators that they trust… the XRP Ledger is in many ways a more transactional, functional and decentralized ledger than either Bitcoin or Ethereum, which will only increase over time.”
The XRP Ledger is far more superior than that of Bitcoin’s blockchain due to several facts like the transaction cost, transaction speed, and scalability. XRP Ledger can process a transaction in less than 4 seconds, while Bitcoin transactions take between several minutes to hours to complete a transaction.
Moreover, XRP scales far better than Bitcoin as the XRP Ledger can handle 1,500 TPS (transactions per second) load.
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goLance seeks Ripple’s help to integrate faster, efficient payment solutions
Michael Brooks, Co-founder and CEO of goLance, recently shared the news that goLance was taking Ripple’s help to integrate its payment gateways and facilitate easier and faster cross-border payments for users across the world.
Brooks broke the news during the 2019 American Business Awards ceremony, going on to thank Ripple after winning 3 Stevie awards.
Paralect, an IT services company also partnered with goLance, congratulated goLance on the same and stated,
“We’re beyond happy to congratulate our partners and friends at goLance on their 2019 Stevie Awards. Our team has worked with goLance since 2014 and continues to refine the product that is attracting more and more freelance talent around the world… Most recently, we’ve developed a solution to add the Ripple Network to the long list of goLance payment integrations. This will allow fast and secure cross-border payment solutions via digital asset.”
goLance is a platform/marketplace where one can hire freelancers on an hourly basis or on fixed bid projects. Paralect helps small and medium-sized industries/companies launch products that drive innovation.
Ripple has the most skin in the game, especially when it comes to the cross-border payments sector. Ripple has a plethora of partners already making use of Ripple’s proprietary blockchain payment solutions, as well as digital asset-based solutions that are helping companies around the world send payments in a better, faster, and a more secure way.
Ripple’s xRapid solution is completely based on the digital asset XRP, which provides liquidity to facilitate cross-border payments. Other solutions such as xCurrent and xVia make use of blockchain technology to deliver faster payments.
A Reddit user, @Furitlicious, commented,
“1 of many to come. Can’t wait for them to throw out the “Runs on Ripple” slogan”
Another Reddit user, @Daleeburg, commented,
“Is there anything stopping any business from hooking into xRapid for cross border payments without a bank?”
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