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Proof-of-Work Crypto Will Be Left Behind
Hodor posted a topic in General DiscussionBlog URL: https://xrpcommunity.blog/proof-of-work-cryptos-will-be-left-behind/ In today's blog I describe the reasons why proof-of-work crypto is headed for a museum, and discuss news affecting XRP! 𝐑𝐢𝐩𝐩𝐥𝐞 𝐍𝐞𝐰𝐬: Ripple announces twelve new customers, including five new xRapid partners; The Paris Fintech Forum is promoting a panel discussion on January 30th with both Brad Garlinghouse and the former CEO of SWIFT; and SendFriend's CEO, David Lighton, provides insight into their plans for xRapid. 𝐗𝐑𝐏 𝐍𝐞𝐰𝐬: WietseWind announces the formation of a new company with three founders, including himself, and calls it XRPL Labs; XRPL Labs adds an option to the XRP Tip Bot to enable recurring daily, weekly, or monthly tips; Bithomp publishes a new API to capture and share rich XRP Wallet information for organization wallets; and GB Exchange (GBX) decides to list XRP; I hope you enjoy the read: Please feel free to share my blog with a friend or share it on any other platform - and thanks for doing so! My blog announcement links on other platforms: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
Crypto Superbowl: Consensus Versus Proof-of-Work
Hodor posted a topic in General DiscussionBlog URL: https://xrpcommunity.blog/crypto-superbowl-consensus-versus-proof-of-work/ It's a Superbowl-themed blog! Read about the match-up between Bitcoin and XRP, along with all the news impacting XRP. 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐂𝐫𝐲𝐩𝐭𝐨 𝐍𝐞𝐰𝐬: The unexpected death of QuadrigaCX's founder results in exchange liquidity problems; The UK's FCA issues enforcement guidelines; and the Bank for International Settlements issues a paper detailing profound security risks with proof-of-work networks, specifically analyzing Bitcoin. 𝐑𝐢𝐩𝐩𝐥𝐞 𝐍𝐞𝐰𝐬: The CEO of SWIFT and Ripple debate onstage at the Paris Fintech Forum; SWIFT announces a new proof-of-concept allowing R3 to initiate SWIFT GPI transactions; Ripple hires a new General Counsel; Saudi British Bank (SABB) is discovered to be a RippleNet member; a new Ripple Drop episode is released by Ripple; and the Xpring Initiative publicizes a new development position for Interledger 𝐗𝐑𝐏 𝐍𝐞𝐰𝐬: New XRP code amendments are announced; Three exchanges add XRP trading; Coingate, a crypto payment processor, adds XRP as a checkout option; CredEarn indicates that their largest asset class for deposits is XRP; A new swag shop offers a new physical XRP coin for collectors; and a new video game plans to use the XRP Ledger for their online economy. I hope you enjoy the read: Please feel free to share my blog with a friend or share it on any other platform - and thanks for doing so! My blog announcement links on other platforms: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
Why Consensus is better than Proof of Work
Hodor posted a topic in General DiscussionConsensus is better than Proof of Work. When it comes to all categories of strengths for a decentralized cryptographic network, XRP is stronger than Bitcoin in every category: Double-spend prevention, security, censorship-resistance, dependability, scalability, and settlement speed. The fact that we're even still talking about Bitcoin in 2018 is a testament to how effective protectionist market interference can be; but XRP doesn't care - it is being adopted at scale by real businesses for real global commerce. There are a myriad of reasons for this, but in this blog, I focus in on one specific aspect of XRP: its transaction validation model and how it compares to Bitcoin. I hope you enjoy! Please leave any feedback below. Feel free to share my blog with a friend, or on any other platform! (and thanks for doing so!) Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
XRP: The Greenest Digital Asset
Hodor posted a topic in General DiscussionBitcion Mining hurts the environment! I discuss this in my latest blog entry and talk about how to support the environment... buy investing in XRP. I genuinely hope you enjoy the read! I think Ripple should really hammer this environmental point even more than they already do. Let me know what you think, positive or negative, below, and as always, feel free to share my blog on other media! My blog announcements on other media: Twitter Reddit Bitcointalk - alt coin sub forum Bitcointalk - XRP Speculation Thread
Short Answer: XRP's Both Bitcoin and Ethereum are proof of work algorithms that depend on more than $1 million of electricity per day to security their network. This can lead to centralization of server farms in specific countries, under the control of just a handful of mining operators. This is a non-trivial issue, and Ethereum acknowledges the traditional risks faced by all Proof-of-Work based consensus algorithms.(source: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ) The Problem with Ethereum It's just too slow. And the foundation knows it. And it can't scale. Right now, Ethereum can only support roughly 15 transactions per second. XRP can support 1000 TPS out of the box. (without payment channels) Ethereum proponents don't go after the same markets as Ripple for this very reason, and they also know that businesses do not like the idea of Proof of Work once they truly understand what it means, along with the associated risks of 50% attack, etc... Even Ethereum proponents admit that Ethereum's current Proof-of-Work algorithm is horrendous in terms of the electrical usage, and that it will be updated to use an entirely different type of consensus algorithm eventually. (source: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ) The paper goes into impressive depth about the challenges that they face when venturing into relatively uncharted territory of utilizing a proof-of-stake approach. Purposely No Mention of XRP? Another, more subtle observation about their analysis of POW vs. POS vs. Byzantine, is that they never (not once) mention Ripple or XRP by name in the whitepaper, which is noteworthy in its absence, given the fact that they talk openly about Peercoin, and how their own plan is to improve on it's POS consensus algorithm. Is it accidental, or is it by design; almost a nod to the fact that they don't want uneducated readers to know about the superior performance that the XRP consensus algorithm delivers? Because of their current dependence on the backwards notion of "proof of work" to secure their network, the Ethereum foundation is looking at changing the entire consensus algorithm. And if this happens, businesses will be very reticent to use Ethereum until they're sure that they "got it right." They've given the code name "Casper" to their new consensus algorithm, and details of how it will work are still in the early stages. It's creator, Vitalik Buterin, described Casper as "consensus by bet." Now there's three words a banker doesn't want to hear. (source: http://www.coindesk.com/ethereum-casper-proof-stake-rewrite-rules-blockchain/ ) The Conservative Nature of Banks and Financial Institutions In the modern age of crypto-currency, it takes years to prove to an industry that a distributed ledger is working successfully with no erred transactions. XRP just closed 30 million ledgers successfully (source: https://xrpcharts.ripple.com/#/). This kind of reliability takes years to prove, especially to conservative technology partners like banks, financial institutions, and central banks. That's why Ripple has been chosen time and again to work with these partners on innovations for payments and cross-border value transfer. Meanwhile, Ethereum has proposed their new "proof-of-stake" algorithm in papers, and has not yet set a date to implement this core code change to its network. How will it work with existing Ether? Nobody really knows for sure yet. Even though Vitalik Buterin shared some code recently, it was described as being only three-fourths written, even as recently as April 5, 2017. (source: https://www.ethnews.com/proof-of-stake-vitalik-buterin-shares-casper-contract-code) If you were the CIO of a bank, who would you choose to work with?