Expert Take Expert take: Is Ripple really decentralized? Published 8 months ago on June 22, 2018 By Coinnounce - Coin Announcements Share Tweet Is Ripple really decentralized? The digital currency world has now been heavily dominated by a huge list of virtual tokens. There was a time when the only digital token in this particular market was Bitcoins and it sure did make a powerful place for itself. Ever since the inception of the original solution of the Blockchain Technology in 2009, there have been way too many new players in the digital market like Bitcoin Cash, Litecoin, Ethereum, and what not. All these digital currencies flourish on the decentralized nature of their platform which enables a peer to peer electronic cash transfer system for its users where there is no central point of control. Although not all of these digital coins have been able to make a space and mark for themselves in the digital market, one such name Ripple currently has the seventh highest market cap in the cryptocurrency industry. . Strongly dominating As mentioned above, the current valuation of Ripple has given it a certain power above the rest and its interesting to note that if you were to look at huge international companies like Uber and Airbnb, even they have a market valuation much less than Ripple. Both these companies fall short of almost $20 billion if compared with Ripple. This makes it a major player in the market. However, looking at the big picture, things always seem to be too good to be true and it seems like everything is going almost perfect for Ripple. But is there ever anything that is wholly perfect? Is there ever anything that is perfect with no loopholes or drawbacks to it? As one says that there are two sides to every coin, there is an ugly truth to Ripple too. Having analysed the finer details of this platform, it comes as a shock that this digital currency is in fact, not decentralized. The finer details Ripple was not exactly designed to be a coin. By the standard definitions, it does not even qualify as a normal digital currency. By tradition, digital currencies value a coin with equal priority and standing as with the security, applicability, speed and network scalability. Contrary to this stark feature of a decentralized digital currency, Ripple does not hold XRP (the digital currency for Ripple) a sort of asset for investment. It rather focuses on strengthening the blockchain to its maximum extent. Every element of XRP has been nipped and tweaked into an unrecognisable form in a bid to achieve this objective. ‘Trusted’ operators on the Ripple network Yes, Ripple does have a digital wallet like all other cryptocurrencies and decentralized blockchains do however this does not give it the status of decentralized. Like other cryptocurrency and blockchain platforms, Ripple is not open source. The ‘trustless’ nature of Bitcoin and others is what enables individuals to have nodes of their own. Yes, Ripple does enable cryptographic methods to secure its users but the nodes that it protects are actually ‘trusted’ operators on the Ripple network thus making it more efficient but completely ruining it of its open nature. Thus the trust-less nature of any digital currency platform which actually allows it to be qualified as a decentralized platform is completely absent in the Ripple architecture. Miners and Printers Two remarkable features of any digital currency are the ability to mine those tokens via a process called mining and the inability of these tokens to be tethered to any deflationary asset like minted coins or printed notes. Again, Ripple fails in both these aspects. It has no mining or miners. Typically there should not be any separate entities running a network for its own personal agenda, however, the mining process and such has been deemed untenable and unaffordable by Ripple since they claim that it slows them down. This significant elimination takes it further away from the position of decentralized. Moreover, with any other digital currency platform, if all miners wished, they could consensually shut down their computers and thus freeze the entire network. But the lack of such miners in the Ripple network makes it impossible for its users to do such a feat with it. Further, on top of not having a finite supply, Ripple tokens can also be printed. This makes procedures of payments, money exchange and other activities much more reliable when done via Ripple and helps it maintain a non volatile and stable constitution however, digital tokens are not supposed to have the potential of storage as an asset. This completely robs Ripple of its decentralized position. The Consensus Protocol One of the most popular exchange desks, BitMEX, set up a research team to look specifically into the consensus protocol of Ripple and they came up with some rather scathing findings. They reported the presence of several complexities in the consensus protocol, the detailed inner workings of which they were not able to understand. They also could not make head and tail of the convergent properties that are vital for the consensus systems. Further in house testing revealed that Ripple could move the ledger forward since it had complete control over it which ultimately makes it centralized. Of course there is nothing wrong with a system being centralized, it is not a criminal offense, however, Ripple claims to be a decentralized network in its marketing strategies and in its terms of service which eventually means that Ripple has been making their business on false misleading information which thus makes it liable for suing. It is centralised if you can sue it When things eventually go wrong, Ripple can be sued. R3 Holdco filed a lawsuit against Ripple in the San Francisco court. The appeals court has denied Ripple’s efforts to expedite the appeal of resolving this particular lawsuit against them. Moreover, the case would soon be shifted to a New York court resulting which, Ripple would go through tremendous injury to its status. The lawsuit primarily states that Ripple failed to honor an agreement which would have given R3 Holdco the right to receive $1 billion XRP from Ripple. If we look at this from a different point of view, one would note that no one can sue Bitcoin. There is not central authority which is answerable or can be approached for redressals or can be challenged in a court of law. It is the decentralized nature of the platform which makes it qualify for such an independent form. However, this is not the case with Ripple. There is clearly a body in Ripple which has been dragged to court thus reclaiming the fact that Ripple is not decentralized. Final verdict Despite numerous marketing claims by Ripple stating and glorifying its business as decentralized, and making profits on that pretext, there is a massive amount of contrasting evidence that further cements the fact that it is in fact centralized. Such misleading claims can easily rid it of its glory and throw it into pools of despair and unreliability which would greatly affect its market value and reputation. Related Topics:bitmex rippleis ripple centralized or decentralizedis ripple centralized redditis xrp centralizedRippleripple announcementripple auditripple blockchain centralizedripple centralizedripple coinripple decentralization strategyripple decentralizedripple forumripple newsripple priceripple redditripple tokenripple validatorsripple xrp newsxrpxrp decentralized Up Next Ethereum Name Service (ENS) – Explained Don't Miss Top 10 bitcoin debit cards Continue Reading You may like Bitcoin: Are we ready for the next crypto bull run? Ripple Price Analysis: XRP Ready for the Major Bull Run? Ripple Price Analysis: Is XRP actually bullish? Alert: JP Morgan Coin: A threat to Bitcoin and XRP? Ripple Price Analysis: XRP bears coming to action Ripple: 6 awesome partnerships and 6 things to be excited about XRP 5 Comments 5 Comments Pingback: Expert take: Is Ripple really decentralized? – Btc News Magazine Pingback: Blockonix to launch in mid July – Decentralized cryptocurrency exchange - CoinRoundup Pingback: Welcome Bitcoin Advertising – Most advanced Bitcoin Ad Network - Gold Coast Money Online Pingback: Welcome Bitcoin Advertising – Most advanced Bitcoin Ad Network – Bitcoin & Altcoin News Pingback: Why Ripple investment is great for 2018. | Pearl of Haiti Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #IOT Internet of Things: A Guide for Beginners Published 2 days ago on February 18, 2019 By Layla Harding Smart locks, thermostats, and cars are all items that you have been hearing about in recent times. You are going to hear more about them as time passes. But, have you wondered why are they called smart? If we go to the basics, it will be easy for you to understand. These ‘smart‘ devices are all a part of the Internet of Things (IoT) family. It is the connection of regular objects to the Internet with each other. It deems to give a clever and efficient user experience thus making them Smarter! The Internet of Things (IoT): Overview There is no question about how intelligent and smart these devices are working. However, at times Internet of Things can seem confusing as well as intimidating for common users. When it comes to debate swirls concerning security and standardization, the Internet of Things can be dangerously misleading. The widespread opinion behind certain buzzwords is that an entire constellation of motionless gadgets is being created including built-in wireless connectivity to monitor them, control them and connect all over the Internet with the help of a mobile application. This is what the Internet of Things means as per the expert technologists. The Internet is presently more than 20 years old and above 2 billion people connect with computers and tablets to the entire world. The Internet at present correlates people to people (P2P) plus will be called The Internet Phase 1. The subsequent Phase of the Internet is a start now and will connect people to all the regular devices M2P. Moreover, everyday devices will be connected to each other (M2M). The Generation of Smart Everything began with the age of the smartphone. in the present day scenario, items like lights, cars, thermostats are all developed as smart devices that help them to connect to the overall virtual world. These tools have the capacity to send data and those data will be controlled over the Internet. These have become the things of the Internet and are now known as the Internet of Things. How do IoT devices relate to others and communicate? As a matter of fact, the Internet of Things devices can easily generate numerous ideas, that ranges from the temperature in your room to measure your chamber. Subsequent, you should recognize that companies of those Internet of Things machines prepare all that data in the cloud, normally it is the favor of IoT suite from Microsoft’s Azure, Web Services by Amazon, and Google Cloud. Internet of Things (IoT) Divisions The sectors that deal with the Internet of Things in the day to day life are Home, Fitness, wellness, industry, factory, cars, roads, cities, and health sectors. Moreover, the growth development phases are also important factors for the success of the IoT’s. There are passive sensors, active sensors, aware and can is able to make deliberate and easy choices based on the information. Currently, all the phases are in the initial developmental phase where organizations are collecting information and are busy taking action manually. Are the devices using the Internet of Things secure? Since the Internet of Things devices accumulates information about you and address or job, they are one of the excellent victims for hackers. Sadly, too many companies of the Internet of Things designs have offered little attention to essential basics for data protection, encrypting information in transit and when devices are at rest. Defects in software are found on a normal basis. Hackers can attack at anything starting from webcams, routers or to fridges and ovens to phones, laptops, and every other thing that consist of the Internet of Things. Certain Internet of Things devices’ built-in deficit of protection frequently makes them easy to arbitrate and move to colossal botnets. Hackers are capable of doing things like tracking your address plus eavesdrop on your communications. Therefore, if you want to buy IoT devices, it is imperative you buy them from aided and trusted producers with a trustworthy and dependable history. Now, if you want to look at the broader aspect, you can see the Internet of Things is being a beneficial source for activities like monitoring traffic, making parking pace available, air, and along with checking air quality. Wireless radios are the ones that help to function these smart devices. These are connected to the Internet and also with each other. With the help of WiFi, energy Bluetooth, NFC, smart devices work. It does not matter whether they are door lockers or motion sensors, different devices connect to each other. Finally, with services like the Cloud, collection and data analysis is so easy and swift. Mobile apps will enable you to see various things and take actions accordingly. Internet of Things is a huge forum and to understand the depth, it will take some time, till then this article will suffice you with the initial segments of IoT and its operations. Continue Reading #Bitcoin Top 20 Bitcoin Mining Pools 2019 Published 2 weeks ago on February 8, 2019 By Nadja Eriksson Before we give you a look into the top 20 Bitcoin Mining Pools in 2019, let us first understand what a Bitcoin Mining Pool is. It can be undoubtedly said that if you are a single Bitcoin miner, it can get quite difficult for you. But, what if you become a part of the Bitcoin mining pool? Through mining pools, you cooperate and concede to proportionate the block rewards depending upon the subsidized mining hash capabilities. These mining pools can seem alluring to a typical miner as they easily unwind the rewards obtained and make them highly sure. However, they usually downsize the overall power to the owner of the global mining pool. Irrespective of all these, the miners can choose anytime to divert their hashing capability to another mining pool. It should be kept in mind that in a mining pool, the more hashing capabilities a miner has the more probability of inclusion of a particular block and thus the amount of reward to be claimed. In determining a specific mining pool to join, the pool size, associated fees, the trustworthiness and safety, and the payout methods should be regarded primarily. Let us have a look at the Top 20 Bitcoin Mining Pools of 2019: BTC.com BTC.com is an outstanding public mining pool. It is associated with the payout method of pay-per-share. Presently, it has a constant hashrate of nearly 5.88 Exahash/second. It mines about 15% of all the blocks. https://btc.com/ Slush Slush is one of the Bitcoin mining pools known to be the first one ever to be operating. It is a very famous mining pool irrespective of it not being that large. It is also the best one to be a part of and presently mines nearly 11% of the total blocks. https://slushpool.com/home/ ViaBTC ViaBTC is a new mining pool that has been functional for nearly one year now. It is best suited for the Chinese miners and is involved in mining almost 9% of all the available blocks. https://www.viabtc.com/ Antpool Based out of China, the Antpool is a famous mining pool that has its owner as Bitmain. It is known to be an excellent Bitcoin mining pool that is free of cost. It is engaged in mining nearly 25% of all the blocks. https://www.antpool.com/ BTC.top BTC.top is more of a private mining pool and thus has no scope available for joining it. The hashrate of the BTC.top mining pool is nearly 3100 Petahash per second. It has been successful in mining 7% of all the mining blocks. https://pool.btc.com/ F2pool F2Pool is a mining pool that is based out of China. This pool has been successful in mining nearly 10% of all the available blocks throughout the last six months. https://www.f2pool.com/ BitFury BitFury is another private mining pool that can be joined by the interested Bitcoin miners. BitFury is presently involved in mining nearly 3.5% of all the blocks. https://bitfury.com/ DPOOL DPOOL is another mining pool that is based out of China. Currently, DPOOL mines nearly 4% of all the available blocks. https://www.dpool.top/ Ravencoin Ravencoin is a popular Bitcoin mining pool that incorporates the X16R algorithm. This X16 algorithm is a mixture of 16 separate algorithms which are ordered according to the hash of the earlier blocks. http://ravencoin.org/ Bitclub.Network Although Bitclub.Network is one of the best and largest mining pools in the present mining market; there is something fishy about this mining pool. It is essential that you do proper research and engage in a mining pool. http://www.bitclub.network/ Bixin Bixin is a mining pool that is based out of China. Although it is a public mining pool accessible to various miners, yet it is entirely in Chinese. https://bixin.com/ BW Pool BW Pool is a Bitcoin mining pool that is based out of China. It is involved in mining 5% of all the available blocks. https://www.bw.com/ BTCC BTCC is a Bitcoin mining pool that is based out of China and is the third biggest one. This mining pool generates nearly 7% of all the blocks. https://www.btcc.com/ Eligius Eligius is a Bitcoin mining pool that is based out of the U.S and is the first one to be there. No need of doing any registration in this pool. It is quite small in size and has less than one percent of the overall network hashrate. https://btc.com/stats/pool/Eligius Kano CKPool Kano CKPool is also known as KanoPool and offers you PPLNS payment mode at a fee of 0.9%. Although it doesn’t have so many features, it includes a two-layer authentication process for additional security. https://btc.com/stats/pool/KanoPool Grin Coin Grin Coin has emerged to be one of the popular Bitcoin mining pools. It focuses on your privacy and is something profitable to be indulged with. https://grin-tech.org/ Electroneum (ETN) ETN is a Bitcoin mining pool that is created with a series of its blocks. It focuses on mobile games and various online markets for gambling. https://electroneum.com/ ZENCash ZENCash is a popular Bitcoin mining pool that that helps you to make use of your mined coins to produce nearly 25% ROI in the current era. https://coinmarketcap.com/currencies/zencash/ Monero Monero is the most developed privacy supportive Bitcoin mining pool. It makes use of a hashing algorithm called CryptoNight. It has a user-friendly approach, primarily when used in PCs. https://www.getmonero.org/ Dogecoin Dogecoin is another such mining pool that makes use of a hashing algorithm known as Scrypt. You can perform mining in your PC or by improving your hashing power. https://dogecoin.com/ This is our list of the best 20 Bitcoin mining pools. There might be some other Bitcoin mining pools that you might be interested in. Do let us know if you have some. Ultimately, if you are willing to become a Bitcoin miner, it is suggested that you become a part of a Bitcoin mining pool. Being a part of a pool or a team, Bitcoin mining is quite rewarding. Continue Reading #Sponsored How BrandThugs is the best alternative to BrandBucket Published 3 weeks ago on January 30, 2019 By Joyce Lang Brandbucket has been a reliable platform for new brand domain names for a very long time. It has been the largest market for new and innovative brand names for a very long time. However, like every other business, there are many competitors of Brandbucket.com in the domain of providing new and innovative brand names. Although there are various alternatives to Brandbucket.com, one that seems to be the best alternative to Brandbucket.com is Brandthugs.com Brandthugs.com has some excellent features and provide an outstanding list of new brand domain names. So, if you are looking for new brand names and don’t want to buy it from brandbucket.com, you must go for this one. In this article, we will explain how Brandthugs.com is the best alternative to Brandbucket.com. Let us have a glance at some of the critical factors: 1. Innovative and relevant brand names: Innovation and relevancy, these two factors are the most important for any business looking for a brand domain name. Brandthugs provide a vast list of innovative and relevant brand names. The brand domains are entirely new and are more relevant to the specified domain of business. The brand names available here have specific meaning and only having a look on these brand names, one can easily guess the mission of the company, the area of the business, product, and service provided by the firm. The brand names are entirely professional as well as memorable too. This quality is not found in other alternatives of brandbucket.com. Making it the best choice. 2. Less/Equal Domain pricing: Domain price always plays an important factor while selecting the domain name for your business. There must be a balance between the domain name and price otherwise the customer will look for other alternatives. Brandbucket.com has been there in the market for domain branding for a very long time. Due to its popularity, some buyers find the pricing of the domain to be quite high. However, the pricing of domain brands available on brandthugs.com is less or equal to the brandbucket.com. You can own the best suitable domain for your business’s website among available on brandthugs.com and that too on an affordable price as compared to other alternatives of brandbucket.com. Different domains have different and suitable prices. So, buy a domain within the budget of your requirement. Isn’t this amazing? 3. Brief and user-friendly brand names: The domain name should be brief and user-friendly. A very long brand name is confusing to remember and cause problems for users. For example, if the domain name is ‘thisisthebestdominnameformybusinesswhatyousay.com,’ there is a possibility that you will forget the name after some time or will make typing errors while typing it. Also, if the brand names are not user-friendly for example, if some brand name as some subpart as ‘okay,’ then it may create confusion in user that whether it was ‘okay’ or ‘o.k.’ or ‘ok.’ On brandthugs.com, most of the available domain names are short and user amicable. They are mostly combinations of two interesting words and less confusing. The domain names are easy to remember and pronounce. The audience appreciates these names for being so simple and easy. This availability of such efficient, brief and user-friendly brand names make brandthugs.com as superior to all other alternatives to brandbucket.com. 4. Categories of branding: Brandthugs.com has a lot of categories to choose a brand name. For example, they have categories like cryptocurrency, accounting, finance, investment, blog, social, marketing, games, etc. from where you can choose the category of your business and the website provides all the list of relevant and unique branding names. You don’t require to select a brand name of the different domain for your business in the absence of your domain. Every category has numerous interesting branding names. This independence of choosing the desired brand name from the desired category of business make the work so simple and convenient. This vast collection of categories is what makes it the best alternative for brandbucket.com. 5. Relevant and attracting logos for brands: Logos play an essential role in gaining the audiences. If the logo of a brand is not so drawing or irrelevant to the brand name, these kinds of domain often lose their visitors. A logo for the domain must be attractive as well as approaching one. The domain available on brandthugs.com have relevant and attracting logos. These logos are handpicked and selected by the team in perspective to the domain name as compared to brandbucket.com where the logos are created using clip-arts. This makes the logo looking more realistic and depicts the meaning of the related domain. This feature of brandthugs.com is fantastic and is more appreciable. 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