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Trust XRP
Ripple’s XRP, a long-standing digital token, was conceptualized even before Bitcoin. Ripple’s main objective was to take the place of SWIFT, a key system in worldwide payment processing, and to forge connections between large corporations and blockchain technology. Acting as an intermediary in transactions, Ripple, with its XRP token, aims to be a trusted facilitator for fair exchanges between parties who are unfamiliar with each other.
Looking back, Ripple’s origins trace back to 2004, starting as an idea for a decentralized payment network, initially without a blockchain. In 2012, after the sale of Ripple and a change of ownership, the company was renamed from Origins of Ripple Labs to Ripple Labs. This led to the creation of the XRP digital currency in 2013, which differed from Bitcoin and Ethereum in that its transactions were confirmed by network users rather than through mining or staking.
Regarding XRP’s functionality, Ripple didn’t initially concentrate on blockchain technology but adapted to it over time. For validating XRP transactions, Ripple employs the XRP Ledger (XRPL) and the Ripple Consensus Protocol Algorithm (RCPA). The XRPL, an open-source distributed ledger developed by Ripple, keeps a continuous and updated record of all transactions.
The XRPL operates through a network of trusted validators for confirming transactions. To reach an agreement, at least 80% of these validators must concur. While anyone can request to become a validator, Ripple has the ultimate say in selecting members for the Unique Node List (UNL), which consists of chosen validators.
The Ripple Consensus Protocol Algorithm (RCPA) governs how these independent validators manage the XRPL. The RCPA’s main aim is to ensure the authenticity of transactions, requiring that each UNL reaches 80% consensus among its active members.
Transactions on Ripple are open and recorded on a consensus ledger accessible to the public. Each new block of data includes the previous block’s hash to confirm its validity. This process of verification is usually quick, making it attractive for those seeking speedy international money transfers.
A crucial role of the RCPA, like other consensus methods, is to prevent the issue of double-spending…
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