In an interview that was recently conducted on the official YouTube channel of Ripple Labs Inc., the CTO of Ripple Labs Inc. – David Schwartz, talked about the fundamental differences between XRP (XRP) and Bitcoin (BTC). The CTO also touched the transaction malleability differences between XRP and Bitcoin (BTC).
The Two Fundamental Differences between Bitcoin (BTC) and XRP (XRP)
David Schwartz said that there are two fundamental differences between the two digital currencies. The first is that XRP (XRP) utilizes consensus rather than Proof of Work (PoW) like Bitcoin (BTC). The second is that right from the start, XRP has been designed in such a way that it can transact arbitrary assets such as Yuan and dollars.
The CTO further added that “when it comes to transaction malleability, XRP and Bitcoin (BTC) basically have similar problems because XRP (XRP) also has transaction identification and users can mutate the XRP signature.”
XRP Set to Implement a New Solution
XRP will be implementing a new solution to enable users track transactions with transaction IDs – according to David Schwartz. He also said that unlike Bitcoin (BTC), XRP (XRP) isn’t susceptible in one aspect of transaction malleability.
In XRP, users don’t refer to previous outputs by transaction IDs; rather they refer to them by accounts. This is the major difference between XRP and Bitcoin (BTC). Hence, there is no way a miner or user can cause the transaction of another user to jam – says Schwartz.
The CTO went ahead to explain how XRP (XRP) works, adding that it doesn’t need the existence of miners like other digital currencies.
XRP (XRP) Price Today – XRP / USD
XRP is still ranked third on the list of top digital currencies in the world with a market cap of $12.84 billion and a trading volume of $255.29 million over the past twenty-four hours. The digital currency is currently trading at $0.3248 after an increase of about 0.5 percent over the past twenty-four hours.