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Ripple CTO David Schwartz shared his ”hiring” dialog with former CTO and Ripple Co-founder Jed McCaleb manner again in 2011. He wrote, “When Jed McCaleb first employed me again in 2011, the query he employed me to reply was whether or not you possibly can swap out PoW for a distributed settlement algorithm extra like PBFT and maintain Bitcoin’s advantages.”
Yep. When Jed McCaleb first employed me again in 2011, the query he employed me to reply was whether or not you possibly can swap out PoW for a distributed settlement algorithm extra like PBFT and maintain bitcoin’s advantages.https://t.co/RRiKZyuz01
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) October 12, 2022
The Ripple CTO acknowledged this whereas responding to a person query about whether or not XRP Ledger was the primary distributed ledger not reliant on proof of labor (POW). In his tweet, Schwartz supplied a hyperlink to a 1999 paper that described a brand new replication algorithm that might stand up to Byzantine faults. The paper famous that Byzantine fault-tolerant algorithms will probably be more and more necessary sooner or later as malicious assaults and software program errors turn out to be extra widespread.
Arthur Britto, David Schwartz and Jed McCaleb began creating XRP Ledger (XRPL) in 2011. Britto uploaded strains of code on June 2, 2012, which generated 100 billion tokens often known as “XNS.” This date is now formally thought to be XRP’s birthday. The present XRP Ledger model was launched in December 2012.
The XRPL makes use of a consensus protocol by which designated servers known as validators agree on the order and end result of XRP transactions each 3-5 seconds. Bitcoin, however, makes use of proof of labor, with miners chargeable for securing the community and validating transactions. XRP Ledger is seeing varied blockchain use instances, together with tokenization of belongings, on-line gaming, asset custody, NFTs and DeFi.
XRPL has developed over time
Former Ripple developer Matt Hamilton weighs in on the dialogue on whether or not XRP was the primary DLT not reliant on proof of labor. He answered within the affirmative, saying, “So far as I am conscious, sure. The XRP Ledger was the second main blockchain after Bitcoin. Litecoin was about the identical time as XRPL, however was a fork of Bitcoin. I feel all others round that point used PoW.”
He additionally talked about the truth that XRPL got here forward of the favored Peercoin, which utilized each the proof-of-stake and proof-of-work methods.
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