Cryptocurrency Q&A
What consensus mechanism does XRP use?
What consensus mechanism does XRP use?
Maria
Sun Aug 11 2024
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7 answers
1818
Could you please clarify for me which consensus mechanism is employed by XRP, the digital asset associated with the Ripple network? I understand that consensus mechanisms play a pivotal role in ensuring the security, scalability, and decentralization of blockchain networks, and I'm interested in learning more about the specific approach adopted by XRP. Your insights would be greatly appreciated.
7 answers
KimonoElegantGlitter
Tue Aug 13 2024
Cryptocurrency operates on various consensus mechanisms, each with its unique characteristics. XRP, for instance, differs significantly from Bitcoin in its approach to transaction validation and recording.
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Giovanni
Tue Aug 13 2024
Bitcoin relies on a proof-of-work consensus mechanism, which necessitates intensive computational power and energy consumption for mining activities. This method helps secure the network but comes with high operational costs.
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ethan_lewis_journalist
Tue Aug 13 2024
In contrast, XRP operates on a consensus mechanism rooted in the Federated Byzantine Agreement (FBA) model. This approach streamlines the validation and recording process, eliminating the need for mining or staking.
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Tommaso
Tue Aug 13 2024
The FBA model employed by XRP's consensus mechanism ensures that transactions are verified and recorded efficiently. It does so by leveraging a network of trusted validators, known as Unique Node Lists (UNLs), to achieve consensus.
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Alessandro
Mon Aug 12 2024
These UNLs are carefully selected and consist of reputable nodes within the XRP network. They work collaboratively to validate transactions, ensuring their authenticity and integrity.
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