Ripple and XRP – Part 7: Consensus vs. Proof-of-Work (2018)

Therefore, the consensus is that the XRP ledger solves the double-spending problem without proof of work. Questions like this: we can all agree, Which transactions are valid or invalid, the basic rules of transactions are simple: They must be properly signed, you can't send money you don't have, all these things are not a problem. The problem is, if Alice has One XRP or one bitcoin or one dollar, If she wants, we hope she can send it to Bill, and if she wants, We hope she can send it to Charlie, but if she can do both, Then we have a big problem. therefore, Even twice The transactions are all valid, and we must also reach a consensus on which of them is put first, so that we can unanimously acknowledge that the second time The transaction is invalid.

So this is to resolve transaction conflicts The problem. In the past, 0:00:48.350,0:00:53.449 This was done by the bank, just like when I write a bank check, my bank either said that I had the funds or that I did not. If I write two checks for the same amount of money, They will process one first, and we unanimously agree that the valid cheque claimed by the bank is valid, but we do not have a central authority. Bitcoin uses Proof of Work, but Ripple does not. The XRP ledger uses a distributed consensus protocol, which essentially means everyone can say, hey, 0:01:10.369,0:01:12.020 I saw this transaction first, If you get the overwhelming agreement on this point, and there is no way Violation of the agreement, then it is sufficient for transactions combined with deterministic validity rules Ordering, then it’s enough to say that if we agree that this transaction happened first, then it’s valid, if we don’t Unanimously agree that this transaction occurred first, then it is permanently invalid.

When we started trying to reach consensus and saw When it can do something, we will soon realize that we will see that it has several advantages over proof of work. Some of them are very obvious, for example you don't need to spend millions of dollars to keep the blockchain secure. You don’t need to draw funds from the ecosystem to the power company, but there is another The less obvious advantage is that there is no one who can choose what content is included in each block dictator. Each block or each ledger equivalent to it is determined by the consensus of the participants. Therefore, no single party can decide each block. This gives Ripple ledger some features, such as the decentralized exchange of arbitrary assets. These things require a system with inherent fairness, not a person who determines the outcome..

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