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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.
It is just a SWIFT system now where anyone can be a bank, right?
The security between these two is
not the same because when you do not store the transactions that caused a change, you lose the ability to audit what happened.
Ripple stores both the transactions as well as the effects the transactions had on the global state of the network. (See
Ripple Tech Talk: Understanding Consensus (Mar 2015) for an in-depth description, this is covered at 22:34).
~Wiebe-Marten
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