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Stampbit (OP)
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April 16, 2013, 04:43:00 AM |
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Decentralized network
Ripple is a distributed network – meaning it does not rely upon one company to maintain and protect the database. This provides two main benefits. First, transaction confirmations happen across the entire network at the same time so no more waiting for block confirmations. Second, because it is a peer-to-peer system, there is no central target or point of failure in the system. This means more stability for the entire BTC community.
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grue
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Activity: 2058
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April 16, 2013, 02:17:15 PM |
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it doesn't use blocks.
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r.willis
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April 16, 2013, 02:22:19 PM |
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But it uses ledger (analog of blockchain as a whole) and tx sets to negotiate consensus.
Btw, it's not simulatenous - now consensus is established every 20 seconds.
I do not buy ripple thing - now it's closed source and not distributed at all.
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Francesco
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April 16, 2013, 02:29:11 PM |
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It uses a democratic system: each node choses who is to trust, instead of taking whatever the most powerful miners say.
Unless there is some major flaws which the developers didn't figure out in advance (which is very unlikely), then it is a better system than mining all around.
Remember bitcoin is essentially an experiment, a proof-of-concept.
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r.willis
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April 16, 2013, 03:06:35 PM |
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The thing is there is no while-paper with detailed descriptions of algorithms and no open-source reference implementation. To say it's better system than bitcoin is a joke!
We know democracy does not always work. In internet (especially in pseudonymous setting) it barely works at all.
Economic incentive (bitcoin), as we see, works just fine.
Another thing I hold against ripple: ripples (XRP, ripple coins) are issued at the start of the system and developers own them all. Is it democratic (or at least fair)?
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chriswen
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April 16, 2013, 03:12:50 PM |
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I think you should stop thinking of ripple as a currency. Ripple is an amazing platform that has enormous utility. You need to look beyond the ripples. You could use ripple without buying that many ripple coins.
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r.willis
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Activity: 42
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April 16, 2013, 03:41:57 PM |
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But you should buy at least some, isn't it? So I effectively pay for using system (creating ripples did not cost anything).
How amazing ripple we will see when it goes opensource and at least dozen merchaints start using it.
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Stampbit (OP)
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April 16, 2013, 04:22:29 PM |
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It would be nice of the ripple site actually explained how it worked instead of just telling us what it can do.
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plummonkey
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April 16, 2013, 04:42:42 PM |
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check ripple.com/wiki
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r.willis
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Activity: 42
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April 16, 2013, 04:53:12 PM |
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Wiki does not help much either.
P.S. Last week I see many newbies that defend/promote Ripple. Does it have something to do with OpenCoin getting funded?
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gmaxwell
Staff
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April 16, 2013, 05:00:51 PM |
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I think it's highly questionable that Opencoin's Ripple consensus model will achieve both decentralization and security (one or the other seems more likely). See the thread I created at https://bitcointalk.org/index.php?topic=144471.0 in particular the later posts where it show some topology diagrams. I'd love to understand what the simple necessary and sufficient criteria is for ripple's consensus to be secure, but I don't think _anyone_ (not even the people creating ripple) actually know precisely what the criteria are. |
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