Ripple's Ledger to Become More Decentralized with Third-Party Validators
The Ripple [XRP] Ledger has been promoted as a decentralized cryptographic ledger that runs on a peer-to-peer system, however, the entirety of Ripple has been slammed, as many believe that the notion of decentralization was not emphasized. This has been problematic, especially considering the fact that cryptocurrencies are known to be decentralized and the system in which the XRP coin is housed in is the total opposite. This is all about to change, as Ripple brings third party validators into its network.
Upon visiting the Validator Registry on XRPcharts, it is evident that out of the 18, 4 third-party validators have made the list with 14 owned by Ripple themselves. As per the charts, it appears that the new additions include Sweden-based, BahnhofAB, WorldLinkUS, Luxembourg-based, Telindustelecom and Florida-based, FlagshipSG.
As for the role of validators, it includes ensuring transactions are completed according to existing protocols. Furthermore, they prevent double spending by “grouping transactions into ordered units”.
Many questioned the Ripple system because of its implementation of the Unique Node Lists (UNL), however, the team involved argues that each participant who chooses to validate can use the UNL directly or indirectly. This means that even if Ripple tries to do something unusual, validators can step up and “change their UNLs to continue using the network”.
To confirm that such measures have been taken by Ripple, the following statement was released:
“Decentralization of XRP Ledger is a process that started right at its inception and has been ongoing since. We intentionally haven’t rushed the process and have been making continuous progress all along.”
According to the team, this step will help the “XRP Ledger become even more resilient,” and eventually surpass the notion of decentralization. This is definitely a significant jump, as the team is clearly listening to its XRP holders and making the necessary improvements to not only help the Ripple network expand, but also to increase confidence in its followers.