The XRP Ledger recently saw 40 million ledgers being closed. This implies that the Ledger has been functioning for over 5 years without any problems.
The XRP Ledger closes a ledger every 4 seconds, which signifies the network reaching consensus. This fast ledger closing speed is what gives XRP its fast settlement speeds, as the network is updated every 4 seconds.
The network utilizes a method of reaching consensus known as a ‘Byzantine Consensus Algorithm’, also known as the Ripple Protocol. The algorithm determines if the transaction is legitimate by evaluating proposals from an ‘N’ number of peers on the network. If the nodes reach a common conclusion, the network recognizes the new validated ledger and adds it to the network.
The algorithm also does not require computing power or large amounts of electricity like Bitcoin [BTC] or Ethereum [ETH] do to reach consensus through Proof of Work. Instead, the network can be kept secure and can be run by using a ‘minimum of electrical power’.
This also means that the network can send transactions at a very low cost, which has prompted innovations such as the XRP Tip Bot. The fast transaction speed also allows Ripple Labs to offer xRapid as a product, which settles cross-border value movement in minutes.
The community rejoiced with posts on Reddit and Twitter.
“The ledger has been closed 40 million times in order to settle orders, as I see it. Without incident! (as far as we know) 🙂 Remember, SWIFT admits to having a 6% error rate on THEIR system.”
User BleedingUnicorn on Reddit said:
“I like Ripple cuz it has fastest settlement time of any blockchain-like technology -Can sustain 1000 fully settled transactions per second, more than any other published benchmarks for blockchain-like tech -Effectively zero-latency transactions (similar to Dash and others) with the PayChan feature.”
Nik Bougalis, a Cryptographer at Ripple said on Twitter:
“A little over a year ago—on 2017-05-24—I tweeted that the #XRP Ledger had successfully ledger 30,000,000. Today, a little over a year later, ledger 40,000,000 closed. I want to thank to my teammates at @Ripple and to all the external contributors that are working alongside us.”
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