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Ripple Is an Example Of_______. (A) Public Blockchain. (B) Private Blockchain. (C) Federated Blockchain. (D) None Of These
Answer:
(A) Public Blockchain is indeed the right answer.
Public blockchains are permissionless, open to anybody, and entirely decentralised. Public blockchains provide all blockchain nodes equal access to the blockchain, allowing them to produce new data blocks and validate existing blocks of data.
Ripple is indeed a blockchain-based online payment network & protocol, as well as the creator of its own cryptocurrency, XRP.
Rather than using blockchain mining, Ripple confirms transactions using a consensus method via a consortium of bank-owned computers.
Ripple transactions utilise less energy as bitcoin transactions, are confirmed in minutes, and have extremely low transaction costs, whereas bitcoin uses much more fuel, takes longer to arrive, and has higher transaction costs.
