In a recent interaction on X, David Schwartz, the Ripple CTO and one of the key architects behind XRPL, addressed a key misconception about XRP Ledger.
An X user “Anders” inquired about Schwartz’s thoughts on XRPL being described as “permissioned,” “semi-permissioned” or “trusted” in various documents from different organizations.
Schwartz responded saying, “I think it’s nonsense. A lot of things about blockchains really matter, but how specifically they happen to solve the double-spend problem is pretty much irrelevant. What possible effect does it have?”
I think it’s nonsense. A lot of things about blockchains really matter, but how specifically they happen to solve the double spend problem is pretty much irrelevant. What possible effect does it have?
— David “JoelKatz” Schwartz (@JoelKatz) August 17, 2024
Schwartz will be making his first appearance at the Permissionless conference, where he will be speaking on day two of the conference on institutional DeFi.
XRP Ledger consensus protocol explained
Schwartz’s statement debunks a common misunderstanding about the nature of XRP Ledger. The terms “permissioned,” “semi-permissioned” or “trusted” imply a level of control or restriction that does not align with the decentralized and open nature of XRPL.
XRP Ledger uses a consensus protocol unlike any digital asset that came before it, where independent validators, not a central authority, manage the network.
The XRP Ledger consensus protocol is designed to allow all valid transactions to be processed without requiring a central operator or a single point of failure. Everyone who utilizes XRP Ledger can agree on the latest state and which transactions have occurred in which order. The ledger can also make progress even if some participants join, leave, or behave inappropriately.
Consensus protocols are a solution to the double-spend dilemma mentioned by the Ripple CTO in his statement, which is the challenge of preventing someone from successfully spending the same digital money twice.
At the time of writing, XRP, the native cryptocurrency of XRP Ledger, was up 1.07% in the last 24 hours to $0.566.
