Ripple CTO David Schwartz defends XRP Ledger’s blockchain status, citing its adherence to key criteria.

Critics question XRP Ledger’s classification due to its unique consensus mechanism, but Schwartz remains firm.

Ripple’s Chief Technology Officer (CTO), David Schwartz, recently stepped forward to address the ongoing debate surrounding the classification of XRP Ledger as a true blockchain. Amidst contentious discourse, Schwartz firmly asserts that XRP Ledger meets and exceeds the foundational criteria of blockchain technology.

I think XRPL meets the definition of a blockchain. But if people want to disagree, that’s cool too.https://t.co/RUbEAiXbQu pic.twitter.com/zZwMeEFczW

— David “JoelKatz” Schwartz (@JoelKatz) March 31, 2024

XRP Ledger: Blockchain or Distributed Ledger?

The debate over XRP Ledger’s classification stems from its unique consensus mechanism, the Ripple Protocol Consensus Algorithm (RPCA). Critics claim this approach departs from the decentralized character of conventional proof-of-work (POW) or proof-of-stake (POS) blockchains since it depends on a set of trustworthy validators. Some even go so far as to say that the XRP Ledger is a distributed ledger rather than a blockchain.

One of the main developers of the XRP Ledger, Schwartz, has maintained that XRP is a blockchain. The definition of a blockchain, as stated in his 2018 blog post, is:

“a series of states of a distributed ledger where each state, except the first, contains a secure reference to the prior state and sufficient information to demonstrate that the transition from that prior state is valid according to the system’s rules.”

He uses this definition to support his point. In contrast to a distributed ledger, which is not backed by a single authoritative copy, a blockchain uses its structure to preserve data integrity.

Despite Schwartz’s explanation, critics’ skepticism regarding XRP’s blockchain classification persists. However, Schwartz remains indifferent to dissenting opinions, stating, “But if people want to disagree, that’s cool too.”

XRP Ledger Boosts Interoperability with New Bridge Version

In a related development, the XRP Ledger (XRPL) takes a significant leap forward in its quest for greater interoperability by releasing a new bridge version for its Ethereum Virtual Machine (EVM) sidechain. This improvement, made possible by Peersyst and Ripple collaborating, is significant for the XRPL ecosystem.

The recent bridge version offers a scalable interface to satisfy the XRP Ledger’s changing interoperability requirements. This improvement makes it possible to link the XRPL to many networks seamlessly and create unique wallets for each network. It is noteworthy because it allows networks with existing bridges to the XRPL to add more wallets.

Users can establish dynamic bridges for any ERC20/IOU token with the updated bridge.  This feature opens the door for permissionless apps that can function with various assets on several blockchains. The XRP Ledger’s adaptability will enhance its liquidity and usability, solidifying its leadership in cross-border payments and asset transfers.

https://twitter.com/Peersyst/status/1773377914903375958?s=20 

Through a multi-phase activity led by Peersyst and Ripple, the XRPL EVM sidechain’s development gradually advances. The sidechain’s basis was established during the first phase, which was started on the XRPL devnet in October 2022. In order to enable wider involvement and scalability testing in a controlled setting, phase two subsequently included a permissionless EVM sidechain connected to the XRPL devnet using a special bridge architecture. As of the time of writing, XRP is currently trading at $0.6 with a 2% decline. Additionally, the 24-hour volume is $1.3B, with a 24-hour increase of 30%.

The post XRP Ledger Validated: Ripple’s CTO Counters Critics on Blockchain Compliance appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ April 2, 2024 12:00 am