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To be honest I can't call Ripple "cryptocurrency". It is most like securities united with Paypal. There is no block or decentralized nodes. It's the same to existing bank system.
What do you mean?
Ripple does have 'blocks', but in Ripple parlance they are called 'ledgers':
- - Transactions compete to be part of the next ledger.
- - Once a majority of nodes agrees on a set of transactions, a new ledger is created and propagated through all of the network.
- - The ledger contains a list of transactions, a reference hash to the previous ledger (building a merkle chain) as well as the changed 'state' of the system, similar to how Ethereum's system changes state. This ensures that all nodes can verify locally that the listed transactions indeed result in the given state change, making forks (near?) impossible.
Nodes are definitely decentralized in Ripple:
- - Everyone can run their own node.
- - Nodes can connect to any other node. In fact, users can configure which other nodes they want to connect to exactly.
Also, I am not really sure what "securities united with Paypal" looks like. Could you give some more information on this?
~Wiebe-Marten
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I am curious, do these ledgers have all the balances of every address on them? Or just the new transactions?
It seems to me like it would have the same security if the ledgers just stored balances instead of transactions which isn't the case for PoW chains.
There would be no need for the old ledgers then. You can just have the most recent one. And poof goes the blockchain.