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Ripple Paper Pledges New Support for $40 Billion XRP

3 months ago 3840 views

Ripple, the startup behind the XRP tokens, is thinking about investing in upgrading the underlying technology of their cryptocurrency. The San Francisco based company will soon release two white papers to be reviewed by peers. One of them will be about the consensus algorithm of Ripple while the other will describe the node connections, the software, the verification on the network, and how all this could be improved.

The major motivation behind the move could be the fact that Ripple has largely lagged behind Ethereum and Bitcoin as far as technological improvements are considered. The two papers would make it easier for researchers to understand the mechanism behind XRP and would enable them to contribute more towards the technology.

Since the 2014 release describing the XRP Ledger, this is the first time the company is sharing details about its underlying technology. It is aimed to send a message that Ripple believes in the continuous evolution of technology and is willing to keep up the pace.

The first paper is titled "Analysis of the XRP Ledger Consensus Protocol" and simply follows upon what the 2014 paper described. Apart from describing and proving the consensus protocol of Ripple, it will also describe how Ripple ensures two things: the network will not fork into competing networks and network will continue transactions in any scenario.

The second paper, titled "Cobalt: BFT Governance in Open Networks", actually talks about the improvements possible in the Ripple mechanism. It gives a full description of how nodes work within the network and layout suggestions for improving both individual nodes and the network as a whole.

Another important aspect of these pears was security. According to Stefan Thomas (CTO, Ripple), the papers would aim to bring in some security reforms to protect the token in case of some attack. However, he also believes that such an attack would be unlikely until the attacker is the state itself with considerable authority and resources. Nevertheless, he wants Ripple to be prepared for any scenario.

Given that cryptocurrencies aim to replace the centralized currencies controlled by the government, such a move is wise indeed.