This agreement, called consensus, serves as the final and irreversible settlement. Once the set of transactions is agreed upon, the transactions are executed in a deterministic order, subject to the objective rules of the network, as imposed by every server independently. In the XRP Ledger, validator nodes collect the set of all candidate transactions and come to an agreement on which transactions, if any, occurred before the cut-off time for any given ledger. XRP can be used by a wide range of third parties, who ought to develop innovative value-adding solutions in a decentralized manner. The vision for XRP is for it to transform global payments by having improved utility over legacy payment channels. It is the native digital asset on the XRP Ledger - an open-source, permissionless, and distributed ledger that is operated by a network of peer-to-peer servers. XRP is a digital asset built to “power innovative technology across the payments space”. XRPL was initially released in 2012 and is maintained by community participants, prominently amongst them the company Ripple, which holds a large amount of XRP that are largely locked up and purpose-bound.The supply of XRP is capped at a total of 100 billion XRP, while the available supply of XRP is designed to decrease over time, as the accrued amounts of transaction fees are “destroyed”. XRPL also offers some smart contract functionality and supports the network-agnostic Interledger Protocol.
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