As a seasoned researcher with a penchant for delving deep into the intricacies of blockchain technology, I find David Schwartz’s stance on the labeling of XRPL as “permissioned,” “semi-permissioned” or “trusted” to be a breath of fresh air. Having spent countless hours studying consensus protocols and their implications, I wholeheartedly agree with his assertion that the specific method used to solve the double-spend problem is largely irrelevant in the grand scheme of things.
In a recent interaction on X, David Schwartz, the Ripple CTO and one of the key architects behind XRPL, addressed a key misconception about XRP Ledger.
Anders, an X user, asked for Schwartz’s perspective on the terminology used to describe XRPL (X Raiden Protocol Ledger) as “permissioned,” “semi-permissioned,” or “trusted” across multiple documents from diverse organizations.
As a crypto investor, I found myself expressing similar sentiments when Schwartz mentioned that the specific manner in which blockchains address the double-spend problem is largely inconsequential. I pondered over his words and questioned, “What tangible impact could this have?”
It seems to me that the details surrounding how blockchains address the double spend issue are more theoretical than practical. After all, understanding these intricacies may not significantly impact the overall importance of blockchains. So, I wonder, what real-world implications might this technical aspect have?
— David “JoelKatz” Schwartz (@JoelKatz) August 17, 2024
Schwartz is set to debut at the Permissionless conference, delivering a talk on institutional Decentralized Finance during the second day of the event.
XRP Ledger consensus protocol explained
Schwartz’s claim clarifies a prevalent misconception regarding the XRP Ledger. The labels “permissioned,” “semi-permissioned,” or “trusted” suggest a degree of control or limitation that contradicts the XRPL’s decentralized and open characteristics.
The XRP Ledger operates on a unique consensus protocol distinct from other digital assets that preceded it. Instead of being managed by a centralized entity, this network is maintained by autonomous validators.
In simpler terms, the XRP Ledger’s consensus mechanism is set up so that it functions effectively without a central authority or a potential single point of breakdown. Users of the XRP Ledger can reach an agreement on the current state and the sequence of transactions. Moreover, the ledger can continue to advance even when some users join, depart, or act improperly.
Consensus protocols serve as a response to the issue of double-spending, a problem highlighted by the Ripple CTO. This issue essentially refers to the situation where someone attempts to spend the same digital currency more than once without being detected.
Currently, as I’m typing this, the digital currency known as XRP, which operates on the XRP Ledger, has increased by 1.07% over the past day and is now valued at approximately $0.566.
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2024-08-17 18:35