“What an amazing milestone!,” commented Nik Bougalis, a cryptographer & software engineer that is leading the C++ team at Ripple as the XRP Ledger successfully closes the ledger 50 million, processing more than a billion transactions in the process.
The hash shared by Bougalis for this is:
XRP Ledger is decentralized cryptographic ledger just like blockchain network of other cryptocurrencies that is powered by a network of peer-to-peer servers. Home to XRP, Ripple is the one that works on the development of this ledger.
The system is made of trusted validators that Ripple claims has
“better distribution of authority than other decentralized systems.”
Instead of ‘proof of work’ or proof of stake’, the XRP Ledger has a set of “trusted validators” that agree on which transactions happen in what order.
Recently, 200,000 ETH were also transferred over the XRP Ledger.
200000.0 ETH was sent across the XRP Ledger in the last hour
— /dev/null productions (@DevNullProd) August 28, 2019
Here, two 100k ETH transaction, initiated by the same addresses, were sent through XRP Ledger, burning XRP in the process as ‘each and every transaction on the XRPL burns XRP.’