4 ms·
Actually Ripple's consensus algorithm can be used for a variety of different applications, the ones you would think to build using Bitcoin's blockchain. Because
by sktrdie 13y ago
Actually Ripple's consensus algorithm can be used for a variety of different applications, the ones you would think to build using Bitcoin's blockchain. Because Ripple solves the double-spending problem without the need of mining [1].
The main thing that Bitcoin adds is of course the democratic distribution of coins based on hashing power. But if you don't intend to use "blockchain technology" as a currency, then Ripple may very well serve your needs.
1. http://bitcoin.stackexchange.com/questions/7550/how-does-ripple-solve-the-double-spend-problem http://bitcoin.stackexchange.com/questions/7550/how-does-rip...
- makomk 13y agoRipple's consensus algorithm makes it effectively a centralized system though - there's a central clique of nodes run by the Ripple creators and a handful of people they trust, the consensus they come to cannot be influenced by anyone outside the clique unless they choose to allow it, and if any nodes decide on a different consensus this effectively hard-forks the Ripple transaction history into two branches (their version and the official version).
- gwern 13y agoRipple doesn't solve the double-spending problem, as I understand it: it punts the problem to the user and tells them 'well, if someone abuses the trust you gave them, you obviously screwed up. Sucks to be you.' and lets them figure out who they can trust (if anyone). While a bitcoin is a bitcoin is a bitcoin.