Cryptocurrency Q&A
What is ripple's 'bitcoin without mining'?
What is ripple's 'bitcoin without mining'?
henry_taylor_architect
Sat Jul 06 2024
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5
answers
1514
Could you elaborate on Ripple's concept of "Bitcoin without mining"? I'm curious to understand how it differs from the traditional Bitcoin mining process. Does Ripple utilize a different consensus mechanism? How does this affect the overall network's security and decentralization? I'm also interested in knowing if there are any trade-offs or advantages that Ripple's approach brings to the cryptocurrency space. Could you provide a concise but comprehensive explanation of this concept?
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5 answers
Federico
Mon Jul 08 2024
Jed McCaleb embarked on a journey in 2011, collaborating with programmers Arthur Britto and David Schwartz (currently Ripple's CTO), to conceptualize a cutting-edge cryptocurrency architecture.
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WhisperWind
Mon Jul 08 2024
Their vision was to create a system akin to Bitcoin's decentralized nature but with improvements in speed, cost, and energy efficiency.
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Daniele
Mon Jul 08 2024
McCaleb envisioned a system that would facilitate transactions without the need for mining, a process that is resource-intensive and time-consuming in Bitcoin.
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Carlo
Mon Jul 08 2024
In a forum post in May 2011, McCaleb coined the phrase "Bitcoin without mining" to describe their innovative approach.
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TaegeukChampionCourageousHeartWarrior
Sun Jul 07 2024
This new architecture aimed to address the scalability and sustainability issues associated with Bitcoin, offering a faster, cheaper, and more environmentally-friendly alternative.
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