Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
Ripple Chief Technology Officer (CTO) David Schwartz has come forward to address important discussions surrounding the XRP ledger. In response to the tweet, Schwartz claims that the XRP Ledger not only meets but exceeds the basic standards of blockchain technology.
The debate over what constitutes a “true” blockchain is contentious, with purists and innovators often at odds.
In this regard, XRP’s classification as a blockchain remains a subject of debate, with critics pointing to various aspects of the XRP Ledger, including its unique consensus mechanism, as reasons to doubt its status as a decentralized blockchain. I am. The XRP Ledger utilizes a proprietary consensus algorithm called the Ripple Protocol Consensus Algorithm (RPCA) and relies on a group of trusted validators to authenticate and verify transactions.
In one such discourse, an X user claimed that XRP is not a blockchain, but a distributed ledger. Additionally, X users can “call” a blockchain because transaction hashes are linked, but this is different from traditional proof-of-work (POW) or proof-of-stake (POS) decentralized blockchains. said.
schwartzOne of the original architects of the XRP Ledger, he claims that XRPL meets the definition of a blockchain. To support his claim, Schwartz shares a screenshot of a statement from one of his previous blog entries from 2018, explaining what blockchain is.
According to Schwartz, “A blockchain is a set of states in a distributed ledger, where each state except the first has a secure reference to the previous state and a valid transition from the previous state according to the system’s specifications. Contains enough information to prove that the rule.”
A distributed ledger, on the other hand, is a database that does not have a single, trusted copy. In other words, data integrity does not depend on the source of the data, but rather on the content of the data.
Despite Schwartz’s explanation, some critics are likely to remain skeptical about classifying XRP as a blockchain, and Schwartz seems unconcerned with this, saying, “But if people agree… If you want to do that, that’s fine too.”
