Steven Zeiler spoke at Blockchain University about Ripple, Interledger, and a new type of payment protocol for sending value over the internet. This 2-hour presentation took place in Mountain View, California. This lecture is interactive, so you will be asked to download a wallet and try sending payments across networks. You will even learn how to issue your own currency or commodity on the Ripple network.
Here are some notes I took on the presentation:
Interledger.org – Whitepaper on High Level goal
Cryptographic escrow. Give certainty that money can be transferred from one ledger to another.
AnyPay.io – Download Ripple Desktop Wallet
CoinGate – Web-based Wallet
Validating nodes vote on which transactions they would like to apply to the ledger
Who Runs Validating nodes — Anyone! You can run your own. (Recommended if you are building with Ripple)
How do you become a validated node? (You turn on flag that says I’m broadcasting to the network, and then have other people add you to their trusted validator list.)
Validators.ripple.com – Tracts Validators on the network
No payment has ever been reversed in the Ripple ledger.
Compromising the bitcoin network takes 51% of the hashing power, which can be done by machines. Compromising the network in Ripple would take compromising 80% of the organizations that are running validators, so it would be a social engineering task, not a computing power task.
With Ripple, validators do not need the entire network history, only the current state of the ledger. That’s a big difference from bitcoin miners, which need the entire network history in order to add up all of the unspent outputs before validating a transaction.
Exchanging currencies with the Ripple Desktop Wallet