The CTO of Ripple, David Schwartz recently spoke to the News and Research Team from the McCombs School of Business at The University of Texas in Austin. Many questions regarding crypto arena was asked to him. In one question – David explained diff between Ripple’s XRP Ledger & Bitcoin’s Proof Of Work
David Schwartz Said:
“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. 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.”
PoW/PoS depends on figuring hashes to check exchanges and opening prizes, and the more members there is on these blockchains, all in all guaranteeing enough hashpower to keep exchange times down, the greater power is additionally utilized.
The XRP record does not depend on PoW or PoS, yet Consensus, and this makes it resistant to twofold spending. So decentralization effectively eliminates administration as it were. Moreover, it has the advantage of utilizing far less power
The initial segment of Consensus is concurring which exchanges to incorporate into the up and coming record. The second piece of the Consensus is approval.
Each validator approves the exchanges autonomously, bringing about a distinguishing hash of the record. This hash is utilized to look at the outcomes among the validator, and if accord is met, the “Winning” variant of the record is utilized.
Differing validators either registers another right record or recovers it as required. He closes this point by saying:
He further said :
“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.”
David Schwartz explained Diff Between Ripple’s XRP Ledger & Bitcoin’s Proof Of Work