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mDuo13
2018-08-21 13:43:03 -07:00
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content/concepts/consensus-network/consensus-principles-and-rules.md
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# Consensus Principles and Rules
The XRP Ledger is a universal payment system enabling users to transfer funds across national boundaries as seamlessly as sending an email. Like other peer-to-peer payment networks such as Bitcoin, the XRP Ledger enables peer-to-peer transaction settlement across a decentralized network of computers. Unlike other digital currency protocols, the XRP Ledger allows users to denominate their transactions with any currency they prefer, including fiat currencies, digital currencies and other forms of value, in addition XRP (the native asset of the XRP Ledger).
The XRP Ledger is a universal payment system enabling users to transfer funds across national boundaries as seamlessly as sending an email. Like other peer-to-peer payment networks such as Bitcoin, the XRP Ledger enables peer-to-peer transaction settlement across a decentralized network of computers. Unlike other digital currency protocols, the XRP Ledger allows users to denominate their transactions with any currency they prefer, including fiat currencies, digital currencies and other forms of value, in addition to XRP (the native asset of the XRP Ledger).
The XRP Ledger's technology enables near real-time settlement (three to six seconds) and contains a decentralized exchange, where payments automatically use the cheapest currency trade orders available to bridge currencies.

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content/concepts/introduction/intro-to-consensus.md
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## Footnotes
1. <a id="footnote-1"></a> Due to a mishap early in the XRP Ledger's history, ledgers 1 through 32569 were lost. Thus, ledger #32570 is the earliest ledger available anywhere. Because the XRP Ledger's state is recorded in every ledger version, the ledger can continue without the missing history. New test networks still start with ledger index 1.
1. <a id="footnote-1"></a> Due to a mishap early in the XRP Ledger's history, [ledgers 1 through 32569 were lost](https://forum.ripple.com/viewtopic.php?f=2&t=3613). (This loss represents approximately the first week of ledger history.) Thus, ledger #32570 is the earliest ledger available anywhere. Because the XRP Ledger's state is recorded in every ledger version, the ledger can continue without the missing history. New test networks still start with ledger index 1.
2. <a id="footnote-2"></a> In Bitcoin, the current state is sometimes called the set of "UTXOs" (unspent transaction outputs). Unlike the XRP Ledger, a Bitcoin server must download the entire transaction history to know the full set of UTXOs and process new transactions. Currently (as of 2018), there have been some proposals to modify Bitcoin's consensus mechanism to periodically summarize the latest UTXOs so new servers would not need to do this. Etherium, which also uses a UTXO model, has already implemented a similar approach with a summary of the current state, called a _state root_, in each block.