Many cryptocurrency community members have beaten the XRP Ledger since its genesis. From working with the regulators of Bitcoin (BTC) to being a dominant cryptocurrency under Proof-of-Work reign, XRP (XRP) has become an unusual proposition for both BTC maximalists and advocates of decentralization. The question is, it is the XRP (XRP) ledger decentralized?
First of all, there is a need to grasp the significance of decentralization. Also important to realize is that devolution cannot be gauged by an absolutive figure, but can be measured in a spectrum. A number of factors influence the level of decentralization.
Bitcoin employs the Work Of Proof as its consensus engine, by incentivizing the use of dedicated nodes to bundle transactions into blocks and append them to the established blockchain. These nodes are called miners and are compensated with Bitcoin (BTC) for the computing power and the electricity they employ for their work.
XRP (XRP) Ledger to become more decentralized than Bitcoin (BTC)
At present, the three major Bitcoin (BTC) mining platforms, two of them belonging to the same company, can be effectively managed to lock down the network.
The XRP (XRP) Ledger, however, employs an algorithm referred to as the Byzantine Consensus Algorithm. The approvers, who reach an arrangement, also called a “consensus,” agree on the whole range of transactions and order the transfers. That is carried out in accordance with deterministic guidelines, which are then accepted as the following ledger in the network.
By the very definition of the word, a network may not be regarded as decentralized if a single entity owns the majority of it. If a network is under the control of an individual or entity, then it turns into a supposedly centralized network.
Ripple Labs has concentrated on the XRP Ledger’s reliability and speed since its beginning and has been decentralizing the Ledger since late-2017. That is referred to as the XRP Ledger decentralization process.