Ripple update: How long it takes before nodes reach consensus?
Hello guys, might be noob questions here, but I am just trying to figure out how Ripple works.
1. In ripple’s whitepaper it is said, that nodes apply consensus every few seconds, so does that mean nodes reach consensus in 2 seconds and then apply another one also in 2 seconds and so on?
2. Also, why it is said, that ripple’s network is doing 1000-1500 tx/s, cause I believe with that fast confirmation rate of 2 seconds, network could handle a lot more tx/s. What limits tx/s in ripple’s network? Cause in bitcoin, obviously, block time and block size are the factors. What factors are in ripple’s network?
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Don’t forget to share the post if you love it !