Comparison between Stellar and Ripple

faisalamin (80)memberMod[BOC]in Steem Alliance • 9 months ago

Two of the most popular protocols are Stellar and Ripple. We thoroughly understand the Stellar and Ripple protocols earlier. Although both protocols have similar goals, they differ in many ways. In this blog post, we will explore the differences between Stellar Protocol and Ripple Protocol.

Stellar Protocol is an open-source decentralized platform that enables the exchange of digital assets. It was created in 2014 by Jed McCaleb, the co-founder of Ripple. Stellar is designed to be fast, secure, and cost-effective. The protocol uses a consensus mechanism called the Stellar Consensus Protocol (SCP), which allows for fast and secure transactions. SCP is based on a federated voting system that allows nodes to vote on the validity of transactions.[1]

On the other hand, Ripple Protocol is a system that settles transactions in real time, currency exchange, and remittance network. It was created in 2012 by Ripple Labs. Ripple's main goal is to enable instant, secure, and low-cost cross-border payments. The protocol uses a consensus mechanism called the Ripple Protocol Consensus Algorithm (RPCA), which allows for fast and secure transactions. RPCA is based on a network of trusted nodes that validate transactions.[2]

One of the main differences between Stellar and Ripple is their target audience. Stellar is perfect for individuals and small businesses, while Ripple is designed for large organizations like American Express and Santander.

Another difference between Stellar and Ripple is their approach to decentralization. Stellar is more decentralized than Ripple, as it allows anyone to run a node and participate in the network. Ripple, on the other hand, has a more centralized approach, as it relies on a network of trusted nodes to validate transactions.