What happens in an extreme case if Ripple fails to make a consensus? Will that part of the network be segmented off?

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If the Ripple network splits in half, then each half will validate ledgers independently, potentially with conflicting transactions. If all servers are properly configured, they will not accept any of these ledgers as fully validated, since none of them will have sufficient validations. It's possible both sides will think they're in the minority (if the split is close to 50/50).

This reflects a basic Ripple design principle -- don't tell people they can rely on results if the results are unreliable. If conditions make reliable operation impossible, it is preferable not to operate than to give people results they cannot rely on. Ripple is designed to detect these kinds of conditions.

When the network rejoins, servers will see the other ledger chain. They will gradually avalanche to the chain with more validations until one chain or the other has a super-majority of trusted validators. At that time, the network is back in agreement and everyone can again rely on the...

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It's leaderless.

A validator begins a consensus round when it has either at least one unconfirmed transaction it thinks is valid, the idle time has expired, or it sees enough validators it trusts have begun a consensus round. Each participating validator makes an initial proposal listing the transactions it believes should be applied in the current round. The servers avalanche to consensus.

If there are conflicting transactions, all cases are handled. If just one gets in the round, it is applied and the other is forever invalid. If both do, a determinstic algorithm determines which is applied first and the other fails. If neither do, a deterministic algorithm determines which is announced in the next round so there should be an agreement in that round.

Because Byzantine failure is possible, validators build the next ledger at the end of the round and then broadcast a signed validation of that ledger. Seeing a supermajority of trusted validators sign validations...

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Written by: Dave Cohen, David Schwartz and Arthur Britto.

This article provides a high level overview of the Ripple ledger, the information it stores, and how transactions result in changes to the ledger.

When building applications on Ripple, it is important to understand this process, so as not to be surprised by the behavior of Ripple APIs and their effect on the ledger.

Important: Transactions are not applied to the Ripple ledger instantaneously; it takes some time for the effects of transactions to be applied. During this process, Ripple APIs may return provisional results that should not be mistaken for the final, immutable results of a transaction. Immutable results can only be determined by looking at validated ledgers.

Introduction

The Ripple network provides a worldwide, shared ledger, which gives applications authoritative information about the state of account balances and offers. This state information includes:

settings for each...
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Consensus is the process by which the entire network agrees on the same Ledger. It is what keeps everybody on the same page.

A walk through of how the consensus process works:

Ledgers

A ledger is a snapshot of the state of the system. It includes everyone's balances and trust limits. The ledger is arranged as a Hash Tree such that it can be summed up with a single number.

Not colluding

Instead of trusting random validators, we choose specific validators who we "trust to not collude to defraud us". This is a far weaker criteria than "trusting" someone not to lie.

Imagine, we believe Wile E. Coyote and the Road-Runner are rivals. We believe that they would never collude in general and specifically that they would never collude to defraud us as they are practically at war with each other. If both of them attest to something, then it is very likely true. This illustrates that while they may be totally untrustworthy, we can rely on them not...

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Acknowledgements and disclosures

I would like to thank the following individuals for their time and constructive feedback during the formation of this report: Anton Bolotinsky, Arthur Breitman, Richard Brown, Vitalik Buterin, Preston Byrne, Alexandre Callea, Miles Cowan, Raffael Danielli, Pinar Emirdag, Daniel Feichtinger, Andrew Geyl (Organofcorti), Stuart Hoegner, Dave Hudson, Jeremy Johnson, Petri Kajander, Pavel Kravchenko, Joey Krug, Jo Lang, Mikkel Larsen, Jonathan Levin, Alec Liu, Zaki Manian, Todd McDonald, Dan O’Prey, Taulant Ramabaja, Raja Ramachandran, Meher Roy, George Samman, Robert Sams, Peter Shiau, Ryan Straus, Srinivasan Sriram, Peter Todd, Steve Waldman, John Whelan, Mark Williams, Ryan Zagone, Vlad Zamfir and Sidney Zhang Unless stated otherwise, the views expressed within this report are mine alone and quotes and/or citations herein are not endorsements of this report by the individuals above or organizations they represent. Financial disclosure: this...

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While last week I dissected Ripple's XRPs. There are many fundamental features of the Ripple system that other cryptos can learn from. A lot of them are small and obscure to anyone who hasn't had a hands-on experience developing systems on top of cryptos. Luckily enough, that's my speciality.

So here are a few features of the Ripple system that other cryptos can learn from, as viewed by a programmer.

AccountTxnID and Memos

Sometimes you need to send a transaction with some extra data attached. Whether it's an invoice ID, customer number, or some other business-related information, you have some data that needs to go into the blockchain. This will help you keep track of what transaction did what, give some identifiable information as to the origin of the transaction and so on.

Even Bitcoin recognised the need for this feature by introducing OP_RETURN in 2014. Before that, people used to create unspendable transaction outputs that the system would have to...

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What is cryptocurrency: 21st-century unicorn – or the money of the future?

This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans.

Today cryptocurrencies have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.

In 2016, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project.

“Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper,...

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What does "ripple current" mean?

It always bugs me whenever I think about it. I know that the definition (from panasonic website):

Ripple Current
Ripple current is the rms value of alternating current flowing through a capacitor. This current causes an internal temperature rise due to power losses within the capacitor.

ESR (Equivalent Series Resistance)
Equivalent series resistance causes heat generation within the capacitor when AC ripple current flows through the capacitor. Maximum ESR is normally specified at 120Hz, 20°C.

So, there is a current flowing through a capacitor, and its value is alternated. The higher the rms value of this ripple current the worse the effect to the capacitor. The internal heat of capacitor will rise as the result of resistance. So this is the use of low esr caps, it's allowed the ripple current flowing through with minimal generated heat in the caps thanks to its low resistance..

The higher the ripple current...

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Three weeks ago, the Canvas team had returned from winter holidays, hunkering back into work at the company's Union Square office in New York City. Just weeks earlier, the company--seven people, including its 26-year-old founder, Chris Poole--had a major success in launching its first iPhone app, called DrawQuest. It took off in the iTunes store, exceeding expectations vastly. Revenue was growing, and three-quarters of a million people downloaded DrawQuest. It was encouraging.

But it wasn't enough.

"One of our investors came to me and said, 'I think we might want to be honest with ourselves here. You tried really hard. But you're likely not going to be able to return the capital,'" Poole says.

On Tuesday, Poole announced Canvas was shutting down. On Wednesday, packing up started at the office, and the company's television was hauled away. Some of the employees are already transitioning to new jobs.

Most startups fail. Seriously--it's about 90 percent, by...

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Ripple, the cryptocurrency and its underlying protocol that has been making waves in the global financial infrastructure are undergoing further improvements. Ripple Consensus Ledger is being used by leading banking and financial institutions as they explore the potential and implementation of blockchain technology in their operations. In a recent post, Ripple has offered a detailed explanation of how it is going to improve the Ripple Consensus Ledger (RCL) to make it more suitable for enterprise use.

Ripple platform has been around since 2012, and its underlying consensus mechanism has been projected as a next generation alternative to the proof-of-work consensus mechanism used by Bitcoin. One of the major features separating cryptocurrency platforms from conventional networks is the decentralization aspect. However, Ripple, in its own words hasn’t been concentration on its platform’s decentralization for a while now. But with increased banking adoption, it is revisiting the...

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