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The XRP Ledger utilizes an account model. Unlike systems based on a UTXO model, XRP Ledger accounts are first-class objects. This design choice allows the XRP Ledger to offer rich functionality, including the ability to own objects (offers, escrows, checks, signer lists) as well as other advanced features, such as key rotation and configurable multi-signing without needing to change a destination address. The trade-off is that accounts must be stored on ledger. The XRP Ledger applies reserve requirements, in XRP, to protect the shared global ledger from growing excessively large as the result of spam or malicious usage. Prior to this commit, accounts had been permanent objects; once created, they could never be deleted. This commit introduces a new amendment "DeletableAccounts" which, if enabled, will allow account objects to be deleted by executing the new "AccountDelete" transaction. Any funds remaining in the account will be transferred to an account specified in the deletion transaction. The amendment changes the mechanics of account creation; previously a new account would have an initial sequence number of 1. Accounts created after the amendment will have an initial sequence number that is equal to the ledger in which the account was created. Accounts can only be deleted if they are not associated with any obligations (like RippleStates, Escrows, or PayChannels) and if the current ledger sequence number exceeds the account's sequence number by at least 256 so that, if recreated, the account can be protected from transaction replay.
The XRP Ledger
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers. The XRP Ledger uses a novel Byzantine Fault Tolerant consensus algorithm to settle and record transactions in a secure distributed database without a central operator.
XRP
XRP is a public, counterparty-free asset native to the XRP Ledger, and is designed to bridge the many different currencies in use worldwide. XRP is traded on the open-market and is available for anyone to access. The XRP Ledger was created in 2012 with a finite supply of 100 billion units of XRP. Its creators gifted 80 billion XRP to a company, now called Ripple, to develop the XRP Ledger and its ecosystem. Ripple uses XRP to help build the Internet of Value, ushering in a world in which money moves as fast and efficiently as information does today.
rippled
The server software that powers the XRP Ledger is called rippled and is available in this repository under the permissive ISC open-source license. The rippled server is written primarily in C++ and runs on a variety of platforms.
Build from Source
Key Features of the XRP Ledger
- Censorship-Resistant Transaction Processing: No single party decides which transactions succeed or fail, and no one can "roll back" a transaction after it completes. As long as those who choose to participate in the network keep it healthy, they can settle transactions in seconds.
- Fast, Efficient Consensus Algorithm: The XRP Ledger's consensus algorithm settles transactions in 4 to 5 seconds, processing at a throughput of up to 1500 transactions per second. These properties put XRP at least an order of magnitude ahead of other top digital assets.
- Finite XRP Supply: When the XRP Ledger began, 100 billion XRP were created, and no more XRP will ever be created. The available supply of XRP decreases slowly over time as small amounts are destroyed to pay transaction costs.
- Responsible Software Governance: A team of full-time, world-class developers at Ripple maintain and continually improve the XRP Ledger's underlying software with contributions from the open-source community. Ripple acts as a steward for the technology and an advocate for its interests, and builds constructive relationships with governments and financial institutions worldwide.
- Secure, Adaptable Cryptography: The XRP Ledger relies on industry standard digital signature systems like ECDSA (the same scheme used by Bitcoin) but also supports modern, efficient algorithms like Ed25519. The extensible nature of the XRP Ledger's software makes it possible to add and disable algorithms as the state of the art in cryptography advances.
- Modern Features for Smart Contracts: Features like Escrow, Checks, and Payment Channels support cutting-edge financial applications including the Interledger Protocol. This toolbox of advanced features comes with safety features like a process for amending the network and separate checks against invariant constraints.
- On-Ledger Decentralized Exchange: In addition to all the features that make XRP useful on its own, the XRP Ledger also has a fully-functional accounting system for tracking and trading obligations denominated in any way users want, and an exchange built into the protocol. The XRP Ledger can settle long, cross-currency payment paths and exchanges of multiple currencies in atomic transactions, bridging gaps of trust with XRP.
Source Code
Repository Contents
| Folder | Contents |
|---|---|
./bin |
Scripts and data files for Ripple integrators. |
./Builds |
Platform-specific guides for building rippled. |
./docs |
Source documentation files and doxygen config. |
./cfg |
Example configuration files. |
./src |
Source code. |
Some of the directories under src are external repositories included using
git-subtree. See those directories' README files for more details.
See Also
To learn about how Ripple is transforming global payments, visit https://ripple.com/contact/.