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this post was submitted on 21 Nov 2024
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Asklemmy
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I do not understand why you would want a money that can be traced by anybody with a web browser that just seems a bit ridiculous to me.
Probably for the same reason people put other sensitive stuff in mystery software: if it's not physically visible the threat doesn't seem real to them. Obviously, that's dumb, but you did directly ask.
There's a lot of overhead involved in making it untraceable like that, and it's not clear how much of it can be achieved using postquantum algorithms. Ripple is also nice in that it doesn't bother with a blockchain at all.
Ripple does actually use the blockchain. It's called the Ripple ledger. Its symbol is XRP and you can buy it
Yeah, I know how Ripple works. The ledger is not blockchain-based.
Okay, then in that case you know more about it than I do because I've been under the impression for a very long time that it was blockchain-based.
Edit: https://xrpl.org/
Yeah. A blockchain is a chain - new stuff is built on top of old, and it grows forever. Ripple's ledger is all relatively up to date information IIRC. It doesn't actually need the chain, because as long as a critical number of nodes agree on a single order of transactions, they can agree that only the first spend of a set is valid if it would otherwise lead to double-spending (which is the main challenge of a distributed currency).
How that agreement is reached in an asynchronous network with possible malicious nodes is the real trick, and at that point I do start getting fuzzy on the details. Byzantine fault tolerance is hard. I think I'm actually going to read the whitepaper (again?), now that I'm thinking about it.
Edit: It's still not. I guess "blockchain" has just become just a marketing term at this point. The current crypto market is dumb even if crypto isn't.
🤯
Glad I could share something interesting!