Ripple network unlike Bitcoin isn’t following the Proof-of-Work system. Rather, all the transactions that are taking place under Ripple are relying on consensus works in improving the system’s integrity by means of preventing double-spending.
How Ripple Operates?
Any Ripple user that’s executing a transaction with several gateways but sending the same amount to gateway systems would have everything but the first transaction to be deleted.
The individual nodes distributed are decided by consensus where the transaction was made by completing a poll in determining majority of the vote.
Confirmations are almost instantaneous that it can be completed in less than 5 seconds. Because there isn’t a central authority that is deciding who will be setting up the node and confirm the transaction, Ripple network is deemed to be decentralized.
What to Know in Ripple?
Ripple is keeping track of all the IOUs in the given currency regardless of the gateway or user. IOU transaction flows and credit that has taken place between the Ripple wallets are available for the public on Ripple consensus ledger. However, even with history for financial transaction, it’s recorded publicly and available on blockchain, the data won’t be linked to the account of any business or individual.