Ripple Unveils Next-Generation System for Digital Transaction Consensus
Decentralized systems like digital currencies rely on consensus. This enables the network to agree that certain events - transactions, in the case of bitcoin - have taken place. Miners are certainly needed to generate new bitcoins. Yet, their role is far more critical in confirming that bitcoins were actually sent from one place to another, thus maintaining an agreed-upon 'truth' in the network. This keeps the block chain reliable and, arguably, underpins its very existence. However, maintaining consensus in a decentralized network isn't simple. The risk of bad actors disrupting....
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A recent unintended ledger fork in the Stellar network led to a temporary disruption of its transaction system and a broader debate about the integrity of the Ripple consensus protocol. The debate began on 5th December, when Stellar Development Foundation (SDF) executive director Joyce Kim published a blog post outlining a fork in the Stellar network that the company attributed to problems within the Ripple consensus protocol. Both Ripple Labs and Stellar use the open-source protocol to provide competing transaction networks that allow fiat money to be sent over the blockchain. The....
Update: Stellar's Jed McCaleb has issued a statement on the issue. While he does not deny that the code has been changed since its fork from Ripple, he does maintain that the Ripple protocol could be at risk. The "TL;DR" version he posted can be found at the bottom of this article, along with the full version here. The remainder of the article, saving for the quote at the end, is in its original form. A failure in its consensus system has caused a hard fork of the Stellar network, forcing its creators to switch to a centralized system while it awaits an upgrade. In the meantime, Stellar....
Blockchain research is an important area of research and development these days. Now MIT has announced they will advance their blockchain research by running a validator for the Ripple Consensus Ledger. Most digital currency enthusiasts will know the name Ripple, as this company has been focusing on the development of blockchain technology for financial....
San Francisco-based Ripple Labs, a startup focused on building payment and digital asset networks, has unveiled a comprehensive plan for the development of a new smart contract system. Called Codius, the proposed system will be programming language agnostic and work with existing monetary and contractual systems. There are a few cryptographic projects currently seeking to build smart contract solutions, but Codius is perhaps the framework that many in the cryptocurrency space have been seeking to leverage to build asset structures. Stefan Thomas, chief technology officer at Ripple Labs,....
1. What is Ripple? Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system that's still in beta. The goal of the ripple system, according to its website, is to enable people to break free of the "walled gardens" of financial networks - ie, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays. 2. What does Ripple do? According to is OpenCoin, the company behind ripple, the currency addresses....