Cryptocurrency Q&A
Does XRP use proof-of-stake?
Does XRP use proof-of-stake?
SejongWisdomKeeperElite
Thu Oct 24 2024
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6 answers
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XRP, unlike some other cryptocurrencies, was not created through mining and does not utilize a proof-of-work mechanism. Instead, it was entirely pre-mined and distributed by the founders of Ripple Labs. The question arises whether XRP uses a proof-of-stake consensus mechanism, which is gaining popularity in the crypto world due to its energy efficiency and scalability.
6 answers
CharmedFantasy
Sat Oct 26 2024
Ripple operates as a blockchain-based payment protocol designed to streamline cross-border transactions.
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Eleonora
Sat Oct 26 2024
It is specifically tailored to facilitate the management of Central Bank Digital Currency (CBDC) as well.
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EmmaWatson
Sat Oct 26 2024
Unlike many other blockchain platforms, Ripple does not rely on Proof-of-Work (PoW) for consensus.
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Silvia
Fri Oct 25 2024
Nor does it employ Proof-of-Stake (PoS) as its validation mechanism.
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JessicaMiller
Fri Oct 25 2024
Instead, Ripple uses a unique approach to ensure the integrity and security of its transactions.
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