David Schwartz, Chief Technical Officer (CTO) of Ripple Labs, Inc., recently claimed that the network consent mechanism used by the XRP register was functionally superior to the work proof (PoW) based on the consent mechanism used by the Bitcoin blockchain (BTC).
Schwartz explained that using Ripple's proprietary "distributed protocol protocol", rather than the PoW consensus or pole test mechanisms (PoS), the "net result" is that the XRP ledger is "very, very , faster."
According to the Ripple CTO, "ordering transactions" when using the XRP register "takes much less time than mining." He also noted: "Extraction [cryptocurrencies] takes much longer because it is, by necessity, much more complicated from a computational point of view."
Schwartz also explained how the transaction costs associated with Use of the XRP ledger are much lower than the Bitcoin or Ethereum networks. Since XRP was pre-mined, it means that all XRP tokens, or their maximum stock, had already been created when the token was first introduced, "the commissions are much lower because you do not pay millions of dollars to miners to carry out transactions. "
The graduate in electrical engineering from the University of Houston also said:" The transaction throughput is much higher "with the Led XRP register. Schwartz states that it is "well over a thousand transactions per second and the cost of the system is negligible." 32 million registers have closed without problems since the system came into operation in 2013. And the consensus is more deterministic than PoW, [meaning] his behavior is more predictable. "
Continuing to criticize the validation methods of Bitcoin and Ethereum, Schwartz argued that their" blocking times "are completely unpredictable. They have an average of 10 minutes in bitcoin, on average 2 minutes in ethereum. But notice, there can be 30 minutes without a block, there may be two blocks found at the same time. It is essentially a statistically random behavior. "
The XRP network does not have" dictators "
This, according to Schwartz, is a big problem that the XRP register does not have as a consent mechanism is" deterministic. "He added that unlike Bitcoin or Ethereum, the XRP network does not have:
a dictator who chooses which transactions to go on which block the network as a whole chooses which transactions go on that block correctly, which is important for some applications as if there is a decentralized exchange. .. in ethereum the miner could order the transactions and could inject transactions in earn the exchange for his benefit.
And every two minutes, you have a new dictator [in PoW or PoS based blockchain networks] that manages your exchange. I do not think that a stock exchange would work well this way.
Schwartz says that the Led XRP register does not have these problems, he also said that consensus is achieved in a more democratic way because "it is a consensus of the r ete on which transactions go where. There is not a single person who gets every block to his personal advantage. "
Schwartz also stated that transactions on the XRP register are" fully confirmed in about three seconds "and that transaction costs are only a small part of
" XRP wins on all metrics "
The superior capacity of the XRP Ledger network, Schwartz said that it can handle:
transaction volumes exceeding one thousand transactions per second … We also have off-off ledgers scale through payment channels, so if we often interact with the same parties, it is possible to interact with the off-ledger to obtain benefits in terms of privacy and performance.
Compared to other major digital resources, we only have much better user experience: in addition to competing within reach , and not compete on features that do not affect use cases such as payments, what does it matter?
According to Schwartz, what matters most is if a digital currency is safe, reliable and can process payments in an economic way. He says that "XRP wins on all these parameters."