Ripple's consensus algorithm.
James A. Donald
jamesd at echeque.com
Sun Aug 10 15:42:20 PDT 2014
Bitcoin's consensus algorithm is weight of computing power, which is OK
as long as weight of computing power aligns with interest in bitcoin
being a useful currency.
Weight of stake would be better, but so far I am unaware of any
satisfactory proposals for weight of stake.
Ripples consensus algorithm is weight of club members, and the process
for getting into the club is opaque, as are the interests and incentives
of the existing club members.
I would suppose one gets into the club if no existing member blackballs
you, which would be fine if there is already sufficient diversity of
interests within the club.
It is not obvious to me how well the ripple consensus algorithm would
work in the event of substantial conflicts between club members, or bad
behavior by club members, or bad things happening to the network.
Has it been analyzed for performance in the event of bad behavior by
some club members?
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