Ripple is an example of a blockchain that is used to facilitate payments. Ripple is a distributed ledger that uses a consensus algorithm to validate transactions. This means that it is not necessary for there to be a central authority to approve transactions. Rather, the Ripple network is able to reach consensus on the order of transactions. This makes Ripple a very efficient way to process payments.
Other related questions:
Q: Why is Ripple a private blockchain?
A: Ripple is a private blockchain because it is not built on the public Bitcoin blockchain. Instead, it is built on a private blockchain that is maintained by Ripple Labs.
Q: Is private blockchain is a de centralized type of blockchain?
A: No, a private blockchain is not a de centralized type of blockchain. A private blockchain is a blockchain that is not open to the public and is only accessible to a limited number of users.
Q: Which blockchain is popularly known as for the people by the people and of the people?
A: There is no one blockchain that is universally known as “the people’s blockchain.” However, there are several popular blockchains that could be considered as such, based on their popularity and/or their decentralization. Some of the most popular decentralized blockchains include Bitcoin, Ethereum, Litecoin, and Monero.
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