Bitcoin Forum

Ledger Can Sustain 1000 Transactions per Second

https://ripple.com/xrp-portal/xrp-resources/ripple-consensus-ledger-can-sustain-1000-transactions-per-second/

Before you reply, we all know your hatred of ripple and why you think it's just a waste of time and energy.

Cheers!

Still centralized. Even if it has some successes, it won't translate into profit for investors. So only the ripple company and those who use their services wins, therefore i don't see an incentive to invest in it.

But how does it attain consensus? No real decentralized platform can reach that at the present technology we have on blockchains and distributed ledgers. Mining1 is right it is centralized. It is not the same banana with many of the cryptocoins here.

Crap as an investment, but may have other possible uses.

What do you think these uses might be?

I have these theory, I think he opens this thread to attract more interest in the project and dump his token and exit his position. I don't understand why people do trade this coin because it is against what crypto stands for. I can see another dogecoin in making here.

Dash is sorta like Ripple, in this respect, ig u look at the UNL for ripple and centralised servers of dash...i feel how to be a dash processor is much clearer and fair.

how to be a UNL?????

Nah, but I understand your theory, that's pretty much this site's history.

Ripple still has 62 billion tokens to sell at their discretion. I do have XRP's but not selling them in the foreseeable future.

Dogecoin lol

One use case could be the interoperable ledger between several bank's own centralized ledgers without a digital asset when sending each other value more efficiently while cutting cost at the same time.

WBB can hit 10k per second lol what's your point?

I wouldn't call one post in the alt coin section spamming the message board. Ripple itself isn't even all over the internet so I doubt this update is.

Just a nice update. I didn't know about WBB, that's nice.

I don't see a point here, 1000 transaction per second is not world record or anything. Bitcoin is much slower, true, but bitcoin has store value potential Ripple hasn't.

Centralized online money payment processors have much more capabilities than mere 1000 tx/s. VISA has a peak capacity of around 56,000 transactions per second, beat that first.

Ripple's technology can. The test used geographically diverse validators. The validators could have been operated by any combination of organizations. A live, decentralized network would have reached almost exactly the same limits.

Unlike mining, the consensus process isn't significantly affected by the number of transactions per second. Validators propose groups of transactions by the hash of the tip of the Merkle tree that includes them and other validators do not have the perverse incentive of gaining a benefit by locking out other validators.

That's not really an apples to apples comparison. Sure, if you don't want a decentralizable, public ledger system then you can build private, inherently centralized systems that are faster. I don't think we'll see, for example, high-frequency trading on a decentralized public ledger in the foreseeable future.

Also, if you're going to compare Ripple to systems like VISA, you should compare Ripple with the additional layers that scale it such as payment channels. And when you look at scaling, it's essentially a multiplication of the base ledger's capability -- and it matters what number you're multiplying.

But I also think there's another point that's important. Nobody needs 1,000 transactions on a public ledger today. When you have way more performance than you need, you can trade it for other things that you do need.

whats the best site to sell bitcoin

I'm not sure why you're asking on this thread. But you should specify how you want to sell (online? in person? for cash?) and where you are located. In the United States, to sell for cash wired into your bank account, coinbase is excellent. To sell for cash in person or for things like Amazon gift cards, look at localbitcoins.

Ripple is very undervalued due to a vast majority of people not understanding how it will be implemented with banks.

I do not understand. You say that it can but all you mentioned is that it was only tested to do it. The test can be a controlled environment while using it for real might come up with difficulty and complications.

In the test how many validators did it have and what will be the incentive of the validators in a real production setting?

You should read the link in the first post... ::)

Nothing special! Do you know NEM?

Since it's centralized, that's not even a huge number.
There are plenty of altcoins that can sustain good numbers, you could have at least found one that's not centralized... Centralized coins are no better than VISA.

Yes sorry. I did read it now this is what I saw from the article.


16 validators? I also want to mention that it is an internal benchmark setting. That is far away in comparison from a production setting. How do we know those 16 validators are not colluding? Also what will prevent validators from colluding in a real live setting? What is their incentive?

Not only it is centralized, but also the tokens are controlled by Ripple, they can decide when to dilute the supply and release more tokens in the market. It is not a fair project because the company owns the most of tokens and sell them in a high price which they set. Unfair and centralized, will kill this coin, Dash is better, you see the CMC rankings, everything is detailed there.

We don't have data that scales to thousands of validators yet, but there's really no reason you would need so many. Adding more validators doesn't significantly affect the transaction rate. But it does logarithmically increase the latency (the time between when you submit a transaction and when you know for sure that it's going to be part of the ledger).

The differences are not that significant. It really only depends significantly on two factors: how many digital signatures can all the CPU cores together verify and how fast can a single core process the inherently serial process of applying the transactions one at a time. Network latency affects transaction latency but not transaction throughput.

The way you know something came from a validator is that it was signed by that validator's public key. So if the validators collude, you'll have the signed proof.

If they collude, there will be positive proof that they did so. Assuming the other participants are rational, they'll just stop listening to those validators.

If there's literally nobody who has any incentive to keep the network reliable, then it doesn't matter if the network is reliable or not. If there are people who have such an incentive, they'll figure out who else has that incentive and those will be the validators they'll use.

Remember, there's no way for a validator to say "I created these funds out of nowhere" or even "unvalidate this transaction the network previously validated". Fundamentally, validators just put transactions in an agreed order so that double spends can be identified. (If two transactions fully conflict, the one the validators place first wins.)

Validators could collude to do two key things:

1. They could reject transactions they don't like for some reason. Maybe a court orders them to. Maybe they just don't like someone. Maybe they want to demand specifoc people pay them high fees.

2. Enough validators refusing to agree can stall the network.

Both of these are essentially denial of service attacks, so colluding validators can DoS the network. But if everyone else doesn't like that, they can change validators. The trick is to find people who want a reliable network and make them the validators -- if nobody wants a reliable network, then it doesn't matter if you don't have one.

Also, validators vote to decide the future of the network through Ripple's amendment process. So people who want control over the network's destiny -- anyone who cares about the network's evolution -- will want to remain a validator. Violating trust will cause them to lose that control.

The cost of running a validator is negligible. Non-validator nodes do all the same work as validators, they just don't produce or send signed statements of what they saw, proposed, and agreed to.

this right here, correct.  when rebranded wbb drops it's tech/news the crypto world will shit its collective pants!

@JoelKatz. Thank you for the indepth response. I have learned a lot and I admit that I am stirred to a slight interest in the technology. Does it mean I will invest in XRP? No. In knowing that Ripple holds the majority of the coins is disheartening.

True and i see no point in Buying Ledger Coin(s)
Ledger ? :D

What methodology are you using to ascribe value to it?

How does this even matter as most of us use coins for investment purpose only and with all the other features it is basically a useless investment for us as in terms of price it is the same for a long time.

Reminds me of guys spamming the hell out of Poloniex's Troll box way back.
They were screaming IBM is using Ethereum OMFG !111ONE
I asked so what ? Are the coins connected to Polo's coins ?
They said NO of course..
I said so really what the fuck difference does that make ?
Then i heard crickets chirping and a wave of personal attacks where the staff joined in and then banned me.

Admit it guys.. crypto is for stupid people.

The crowd is stupid and they are in control there for the stupid run the scene.

PS:
Search Polonibox for Ethereum + IBM (and Ethereum + Microsoft or Big Banks)

Ohh, that's why it cannot develop so well as people could get this service by another centralized platform which is better than ripple.
There are a lot of coins with it own features, if there's nothing specific or special that attract more adopters, then it's not worth.

Why are you guys constantly posting all this xrp-crap here? The only thing which matters is price. But price of xrp didn't reach even $1 after 4 years of "success" and joyful shouts of ripple fanboys on twitter. XRP proved itself to be useless as investment.

Ripple = centralized trash. It's easy to have all the transactions in the world per second if you are using a centralized system. Give us a centralized system with VISA level of onchain transactions per second that is as decentralized and robust as bitcoin's PoW and then I will be buying. Until then please stop losing my time.

Yep, right.

And btw. 1000 isn´t really amazing. Have a look at e.g NEM

I am not one that would laugh and make fun of other people but yes. They did not need to have a ponzicoin made in the network. I speculate that Ripple will slowly back away from XRP since they are developing the Inter Ledger.

In my idea about in Ripple it is a non minable coin, and like what others said here too its a kind of centralized system is being applied in it. and I don't have any hatred on ripple, in fact as I look at it, it is quite good to invest ripple anyway.