chainlink consensusRipple XRP Consensus versus Bitcoin BTC Proof-of-Work 2018

chainlink crypto history chainlink pricew chainlink consensus Ripple XRP Consensus versus Bitcoin BTC Proof-of-Work 2018

so consensus is the way that the xrp ledger solves the double spend problem without proof of work kind of the problem is that we can all agree on which transactions are valid or invalid the basic rules for a transaction are simple they have to be properly signed you cant send money you dont have those things are all all not a problem the problem is if lets say alice has one xrp or one bitcoin or one dollar we want her to be able to send that to bill if thats what she wants to do and want her to be able to send that to charlie if thats what she wants to do but if she can do both we have a huge problem so somehow even though both transactions are valid we have to agree on which one of them were going to put first so that we can agree that the second one is invalid and so its that problem of resolving conflicting transactions now historically thats been done by a bank like if i write a check my bank either says i have the funds or i dont and if i write two checks for the same money theyll process one first and well all agree that the one the bank said was good is good but we dont have a central authority bitcoin uses proof of work ripple doesnt the xrp ledger uses a distributed agreement protocol which is essentially just a way of everybody to say hey i saw this transaction first and if you have a super majority of agreement on that and no way to renege on that agreement that is sufficient to order the transactions that combined with the deterministic validity rules is enough to say that the one that we agreed comes first is valid and the one that we didnt agree comes first forever invalid one of the things that we realized very quickly when we started to experiment with consensus and see what it was capable of doing is we saw that it had several advantages over proof of work and some of them are fairly obvious that you dont need to spend millions of dollars just to keep the blockchain secure you dont need to suck money out of the ecosystem to send to power companies but there was another one thats a little bit less obvious which is that you dont have a dictator who gets to choose whats in each block each block is or its equivalent each ledger is determined by a consensus of participants so there is no one single party that gets to determine each block thats what makes possible some of the features that the ripple ledger has like the decentralized exchange the arbitrary assets those things require a system that has inherent fairness rather than people who get to decide the outcomes you Ripple XRP Consensus versus Bitcoin BTC Proof-of-Work 2018David Schwartz, Chief Cryptographer at Ripple, discusses “Consensus” in simple terms and what inspired him to design the XRP Ledger as Consensus versus Proof-of-Work. 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