Ripple Submits New Whitepapers For Peer Review
The Ripple company, which developed Ripple’s payment protocol and exchange network, has recently submitted two new whitepapers for peer review. The first document is titled: Analysis of the XRP Ledger Consensus Protocol, and aims to provide a more in-depth and technical explanation of how the XRP ledger maintains security. It also goes over how Ripple’s platform can continue to run efficiently, even while there are unprocessed transactions on its network.
Meanwhile, the second whitepaper is titled: Cobalt: BFT Governance in Open Networks, and it covers how the Cobalt algorithm manages to facilitate and function “in networks with non-uniform trust and no global agreement on participants”. Ethan MacBrough, Research Engineer at Ripple, believes that that the Cobalt algorithm is ideal for implementing a decentralized voting mechanism.
A Glimpse Into The Technical Details
The highly technical paper states that the voting mechanism:
“allows a public, open-entry group of nodes to agree on changes to some shared set of rules in a fair and consistent manner while tolerating some trusted nodes and arbitrarily many untrusted nodes behaving maliciously”
Put simply, this means that entities (nodes / network participants) can collectively decide which rules to follow. Additionally, if network participants think that some adjustments need to be made, then they can make changes in an impartial and consistent way.
Since some entities could potentially abuse the network resources, the Cobalt algorithm ensures that the platform can withstand this malicious behavior. Moreover, the network will not only be able to tolerate abuse, but also continue to function in a resilient and efficient manner.
Ripple Continues To Engage In More Partnerships
Notably, Ripple has released its whitepapers at at time when it’s trying to broaden its reach into the world’s financial markets. On February 21st, BusinessWire, a Berkshire Hathaway Company, issued a press release which mentioned that Brazilian bank Itaú Unibanco and India’s IndusInd bank had decided to use RippleNet, which facilitates “frictionless” global payments. These banks will also use xCurrent, an enterprise-level software solution that is designed to facilitate international payments between banks.
Furthemore, remittance companies such as Singapore-based InstaREM, Canadian Zip Remit, and Brazil’s Beetech will reportedly be using RippleNet as well. In support of Ripple’s initiatives, SVP of business development Patrick Griffin has said that blockchain-based solutions have the potential to significantly improve the business practices of the world’s emerging markets.
He goes on to explain that his company thinks it’s “imperative” that they “connect the world’s financial institutions into a payments system that works for their customers, not against them”. Based on Ripple’s recent activities, it seems that the creators of the real-time gross settlement system have been consistent with their words and actions.