Overview

• Xrp Classic is making progress in closed beta testing of their forward-thinking blockchain Classic Chain.
• This protocol uses Proof of Authority, which is an alternative to other protocols such as Proof of Stake and Proof of Work.
• The development team has conducted a number of tests on the network, and they have achieved more than 100,000 blocks so far.

What is Proof of Authority?

Proof of Authority was proposed by Ethereum co-founder Gavin Wood as an alternative to commonly used protocols such as Proof of Stake and Proof of Work. In this protocol, users who verify transaction blocks on the blockchain use their identities and reputations instead of using cryptocurrency assets to validate transactions. By disclosing their true identity, these individuals are authorized to produce new blocks on the network after undergoing a certain review process.

Purpose of Using Proof Of Authority Blockchain Networks

The purpose for using this protocol is to provide an alternative solution to address the limitations and issues that need addressing with other protocols such as proof-of-stake and proof-of-work. It allows for a higher number of transactions per second compared to other protocols while consuming less energy for each transaction and incurring lower fees for users.

Tests On The Classic Chain TestNet Network

To improve the performance of the blockchain, the developer team has made updates regarding node creation methods. As a result, they have been able to create more than 100,000 blocks in their closed TestNet network so far, which is evidence that they are making strong progress in their mission towards creating a reliable blockchain platform based on this protocol.

Conclusion

In conclusion, Xrp Classic’s forward-thinking technology based on the innovative Proof Of Authority protocol is showing great promise through its closed beta testing results and updates regarding node creation methods which have enabled them to exceed 100,000 blocks created so far in their TestNet network.