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GgB

Can someone please explain this issue of using Hash for me?

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 I have been reading about this in many articles and still don't understand the concept of how this works and don't know which is the correct subforum to address it in. Nevertheless, here it is and I quote below a part of the concept: As I understand, XRP does not use a hash, at least when I send or receive XRP I see none.

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"While numerous people within the industry state that Bitcoin and Ripple are competitors, that may not be precisely the case. There are some differences, though: Bitcoin implements the proof-of-work system, which is a piece of data difficult (costly, time-consuming) to produce but easy for others to verify. It has to satisfy a set of requirements, too. In the case of Bitcoin, it implements the Hashcash proof of work system.

Ripple, meanwhile, uses the already explained distributed ledger, the “consensus” one, so there are notable differences in the modus operandi. Ripple is owned and administrated by OpenCoin and the Ripple Company, whereas Bitcoin is a decentralized system in which there are no central authorities.

Now, what would you say if we told you that Ripple’s traits and features could benefit Bitcoin users? Remember, Ripple is best known and has attained most of its international recognition, as a payment system or protocol.

Ripple can provide Bitcoin with more ways to connect with those using other forms of currency, as it preaches expedited transactions and increased stability. On top of that, Ripple is a distributed network and therefore does not depend on a single company to manage and secure the transaction database. As a result of that scenario, users don’t have to wait for block confirmations." .........................................

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I do not understand the Hashcash or use of a hash. Yes I googled it. Need a better explanation from those who know how this works.

See full article here:

https://smartereum.com/2471/ripple-price-prediction-2018-xrp-usd-should-i-invest-now-ripple-news-xrp-price-today-expected-market-cap-of-ripple-2025-ripple-price-prediction-news-tue-nov-27/

PS. If paragraphs were not created, then I have a technical issue with my laptop and apologize, as it was submitted with paragraphs.

edit to say paragraphs did insert properly. why this is off and on, I have no idea.

Edited by GgB
Paragraphs working

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1 hour ago, GgB said:

 I have been reading about this in many articles and still don't understand the concept

The XRP and Bitcoin networks both have to solve the Double Spend Problem. That is, they both have to prevent fraudsters from spending the same coins twice. Bitcoin solves this problem by competition, whereas the XRP network solves the same problem by consensus. Bitcoin's competitive solution to the problem is was described by Nakamoto here, and XRP's consensus solution was described by Schwartz, Youngs & Britto here.
Bitcoin's competitive approach incentivizes miners to acquire more and more hash power, i.e. the ability to compute cryptographic hashes, since that's the activity at which they're competing. Cryptographic hashes do have a role to play in the XRP ledger, but it's not a competitive role, so there isn't a hash-power arms race. For Bitcoin to be decentralized, it's required that nobody own more than 51% of the hash-power. The conditions for the XRP network to be decentralized are more subtle, and I'll leave it to other to explain.

A cryptographic hash is a superior version of a checksum. Think of the barcodes on supermarket packaging. If a supermarket barcode is damaged, instead of misreading it, the barcode-reader rejects it: this is because the last few bars are a checksum for the rest of the code, and a damaged barcode's checksum is almost certainly going to clash with the misread numbers in the damaged portion.

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On 11/27/2018 at 4:57 AM, GgB said:

I do not understand the Hashcash or use of a hash

So, are you asking the basics of how a hash works?  And/or how it is used in either XRPL or Bitcoin ledgers?

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Thanks to all who have posted in regards to my problems with understanding this topic. This is a hard concept for me to understand but have read much about it. Your posts have made it somewhat easier to understand. I really find this hard to understand but the explanations have helped. I enjoy reading what everyone above has posted and welcome more.

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