Ripple CTO Claims XRP Ledger To Be More Decentralized Than Bitcoin And Ethereum
XRP is one of the most controversial Cryptocurrencies, people mainly debate on the centralization part of it which has not been clear-cut for a lot of people, but this certainly did not prevent investors from flocking to buy the token which went up to $3.65. But it has taken quite a hit since and has dropped to about 30 cents still retaining the third largest position according to market cap.
David Schwartz who is the CTO of Ripple in his latest blog has claimed that XRP is more decentralized than Bitcoin or Ethereum, decentralization basically means that one party cannot tamper with the ledger on its own will and the power is dispersed among multiple parties in a distributed fashion.
Unlike Bitcoin or Ethereum which uses the proof of work, XRP has its own consensus protocol where there are no incentives and the validators are spread across the globe as said by Schwartz.
With this graph, Scwartz points out that Ripple the company only runs 10 validators out of 150, and only processes up to 7% of the transactions.
Next, he also points out that unlike the proof work Blockchains where you need 51% of the Hashrate to double spend in the network, you need 80% of the validators to be bad actors in the case of XRP Ledger to successfully double spend and that too in the course of two weeks.
If 80 percent of users, the exchanges and other participants do not adopt a change that is proposed by their validators, the change does not go into effect.
While Bitcoin and Ethereum are becoming more centralized over time, the XRP Ledger is getting more decentralized.
The blog further explains about UNL (Unique Node List) In the XRP Ledger which is basically a list of validators where the user can choose whom they trust to validate the transactions. They can also choose to remove a party if suspicious or delegate it to a third party to choose the validators which reduces the risk.
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.
In Conclusion Schwartz says:
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.
Brad Garlinghouse, CEO of Ripple tweeted:
.@joelkatz speaks the TRUTH on XRP Ledger! Brilliantly designed to be inherently decentralized. More on this during my AMA with @CoryTV at 3pm (PT) today on https://t.co/OmzfxkPL6N https://t.co/IIcdA75bIt
— Brad Garlinghouse (@bgarlinghouse) August 22, 2018
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