11/19/2022 0 Comments Will amp coin reach 10![]() Banks that use the protocol for mutual settlements are interested in the system’s stable operation, so they are most often the holders of the node. There is no reward for checking transactions: commissions for making transfers are irrevocably “burned out,” reducing the number of tokens in circulation. Since the release of the maximum number of XRP tokens (one billion coins) occurred at an early stage of the protocol’s existence, it is impossible to get coins in the system by mining or forging. Validators must reach an agreement on the authenticity of transactions to confirm them. In Ripple, trust is built on the reputation of the owners of node validators, which are banks and other registered companies (Axis Bank, American Express, Royal Bank of Canada). In traditional consensus algorithms, such as Proof-of-Work (PoW) or Proof-of-Stake (PoS), trust in nodes is formed based on their computing power or the value of the balance. The system uses a consensus registry to record information about transactions, which differs from the classic blockchain in many ways. The main goal of the Ripple network is to ensure a high speed of money transfers. The purpose of XRP is to create a new method of calculation for the banking system - namely, an alternative system of interbank transfers with minimum commissions. Unlike most other cryptocurrencies, XRP was created neither as an alternative means of payment nor as an alternative to traditional paper money and the entire banking system as a whole. ![]()
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