Steemit Crypto Academy | Season 2: Comparison Between Stellar and Ripple Platforms Homework Task By @alphafx and submitted by @silencewan

Hello everyone !!!

I'm much delighted to say that this week's edition of the crypto academy is getting great. I want to thank professor @alphafx for his wonderful resources on Blockchain and Platforms. I must say that the resource was really helpful in archiving my homework solutions, kudos. Haven't said all this I'll move on to today's agenda which is to give a detailed comparison between two blockchain platforms of your choice and I have chosen Stellar and Ripple as my project. Below are my responses.

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HISTORY OF BLOCKCHAIN PLATFORMS

A blockchain can simply be explained as a way of making transactions through digital means, these records are stored digitally called blocks which are linked by using cryptography now we look at what a blockchain platform is, a blockchain platform is platforms that support the development of blockchain applications. These blockchain applications can either be permissionless or permission. Such platforms are mentioned in my homework task, Ethereum is one, EOS, Hyperledger but I will be making comparisons of just two types of these platforms which are the Ripple and Steller as my choice of a selected topic of discussion.

To proceed with, I will explain to you in detail about Ripple and Stellar before proceeding to make such comparisons between these two platforms.

Stellar

Stellar on its own is a distributed blockchain-based, its ability to facilitate a cross-asset transfer of value. Stellar deals with working in exchanges such as cryptocurrencies, this digital currency is called lumen (XLM). This XLM turns to power the stellar network and other operations involved. The stellar network aids you to create smart devices, banking tools, and mobile wallets. What we should also know is that the stellar platform is a decentralized platform. The last thing I would like to talk about stellar is, it is capable f of hosting thousands of exchanges when it comes to currencies and tokens. Stellar was created in the year 2014 by Jed McCaleb, the founder of Mt. Gox and who was also the co-founder of Ripple with lawyer Joyce Kim

Aims of Stellar Platform

The main goal of Stellar is that they want to ensure that there would be an increased financial addition and this is intended to be dealt with by creating cheaper and easy-to-use systems that can make global payments.

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Ripple

This is another type of blockchain platform, Ripples idea initially was to create a system whereby monetary issues could be decentralized and to empower individuals to form their own money in the year 2004. This was the first intent of Ripple. As of 2012, the Ripple network was aimed to offer power payments to various clients across the globe through this digital exchange. Ripple is traded in XRP which is part of the top cryptocurrencies. Ripple is faster and much cheaper than other cryptocurrencies we know like Stellar, Ethereum among others

Aims of Ripple

Ripples' main aim is to establish a system of a network that will regulate transactions and at the same time do it much faster. Ripples technology is established and aimed to attract organizations like the banks and remittance services some all payment providers who will but this idea of theirs.

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Going through this is just to give you a fair knowledge about these two platforms. Now I will be dealing with a detailed comparison between these two platforms. (Stellar and Ripple Platforms)

Key Comparison

Detailed Comparison	Stellar	Ripple
Industry Focus	Financial Services	Financial Services
Consensus Algorithm	Stellar Consensus Protocol	Probabilistic Voting
Governance	Stellar Development Foundation	Ripple Labs
Smart Contract Functionality	Yes	No
Ledger Type	Both public and private	Permissioned

The Consensus Algorithm of Stellar platform

In stellar, the consensus algorithm which is used is the federated voting which allows them a guaranteed safety.
In the year 2015 which was when the first Stellar Protocol was being described, initially, it was done in a whitepaper by

David Mazières this was termed as the “federated Byzantine agreement system” which was able to help reach a consensus outcome in decision making since it was decentralized and a leaderless system. To also let you know, the stellar uses what we call the SCP which can provide some sort of consistent overview of transactions to everyone who was part of it.

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The Consensus Algorithm of Stellar platform

The RPCA which means the Ripple Protocol consensus algorithm is used every second by all data structures (nodes) to redeem and maintain the correctness and also an agreement of its network.

It is known that, once the consensus approaches, then the current ledger is considered which means that no fork present in the network.

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Conclusion

I'll like to conclude by saying that, Ripple is more centralized comparing it to Stellar, even though the two comparing to other traditional currencies, Ripple and Stellar are more decentralized. Ripple is a larger organization and has been able to raise more capital as compared to what Stellar has done so far but both are all growing maybe as time goes on, changes could be made but as for the meantime, Ripple overshadows Stellar.

Thank you for reading