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Ripple CTO Comments on the Decentralization of XRP Ledger

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David Schwartz, the CTO of Ripple, wishes to clear things up regarding the decentralized nature of XRP.

Ripple Labs, the parent company of the third largest crypto by market cap, Ripple (XRP), has gone through many accusations of its token being centralized and security, instead of a real cryptocurrency. And while the company always defended XRP by saying that these claims are false and that Ripple’s network is not centralized, the large part of the crypto world has yet to be convinced of this.

This is why Ripple’s top representative, David Schwartz, decided to clear things up and talk about the XRP ledger.

Schwartz about decentralization

The definition of decentralization is pretty clear, and Merriam-Webster dictionary describes it as ‘dispersion or distribution of functions and powers‘. While this seems pretty straightforward, things can get a bit more complicated when the concept is applied to the crypto world. David Schwartz’s recent statement also mentions this, and he says that this concept is largely misunderstood. He also said that the concept is evolving, which makes its true meaning even more difficult to pinpoint.

His report called “The Inherently Decentralized Nature of XRP Ledger” is Schwartz’s attempt to explain things regarding XRP’s decentralization, and potentially put a stop to various accusations of Ripple’s centralized nature.

He continues to say that XRP is different from Bitcoin (BTC) and Ethereum (ETH), which are using algorithms called Proof-of-Work (PoW) in order to reward miners with coins for their service of validating transactions. Ripple cannot be mined, and instead, it uses a special consensus protocol through which validators verify transactions without rewards.

According to him, these validators are located all around the world and include exchanges, institutions, as well as individuals. This makes the XRP ledger truly decentralized and democratic, as it doesn’t provide anyone with full control over the coin.

Ripple’s CEO confirmed this and supported Schwartz’s post via Twitter when he also promised to talk about the subject himself during his next Ask Me Anything session (which is already completed now).

XRP more decentralized than BTC and ETH?

Schwartz then talked about the supposed decentralization of Bitcoin and Ethereum, stating that up to 58% of BTC network is being controlled by the 4 large mining pools at any given time. Even worse, 57% of ETH network is controlled by only three mining pools. As such, he claims that they are actually far less decentralized than Ripple itself.

Even though the US SEC declared that BTC and ETH are not securities due to the fact that they do not have central governing authority, Schwartz claims that the things are not as simple as that. He also stated that almost 80% of BTC mining is coming from a single country — China. That way, Bitcoin might actually be manipulated by one government. He even warns that there is a real danger of the top two cryptos falling victims to 51% attacks, and possibly have fraudulent transactions.

Then, there is Ripple, which needs 80% of its total validators to constantly support changes over the period of two entire weeks before anything new is applied.

Additionally, XRP operates only 10 out of 150 validators that are currently in charge of validating transactions. When it comes to changing things on the network, each validator only has a single vote to cast. In the end, Schwartz has stated that Ripple is controlling XRP much less than China is controlling BTC.

Finally, he stated his last reason, which should convince everyone that Ripple is truly decentralized, and that is the fact that its users need to select UNL (Unique Code List).

That is basically a list of validators that the users trust, and have chosen them themselves. That way, users are free to pick anyone as their validator, instead of getting someone assigned to them at random, or by company’s choice. With that in mind, he claims that Ripple is, and always has been, nothing less than inherently decentralized.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Brandon Mowinkel via Unsplash

Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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TRON (TRX) Is Likely to Go Big in June

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We are now halfway through 2019, and the situation in the crypto space is better than ever in the past year. Numerous cryptos are seeing large gains, often cut by brief periods of stagnation or small corrections, but the overall sentiment is obviously bullish.

Bitcoin sits way above the $8k mark, and while it struggles to go beyond $8,700, it is still trying to grow. Investors and analysts are quite bullish regarding the foreseeable future, and a lot of altcoins are expected to follow BTC in this regard. However, today, we would like to talk about one particular altcoin — TRON (TRX) — as well as why it is likely to go big in June.

TRON’s progress so far

As many people in and out of TRON community know, TRX is not a project that often sits still. It is rich with announcements, particularly when it comes to his CEO, Justin Sun, whose enthusiastic tweets often seem like hype building to many.

However, TRON made some massive progress in 2018, which was the worst year cryptocurrencies have ever seen. This is not something that can be achieved through hype alone, and the project needs to have true quality and value in order to see such massive development in the middle of the longest and harshest crypto winter in…

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