Despite 2018 being a bearish year for cryptocurrencies, some major players like Ripple maintained an unwavering focus on technology refinement and infrastructure advancement.
Ripple came with positive news in early 2018, when it published 2 new White Papers first time after 2014. Market experts predict the advancements mentioned in these two papers to drive Ripple’s growth in the year 2019.
The two major changes Ripple is about to implement are in the algorithm and the connectivity between different nodes. Both these advancements target to make money transfer easily across the globe.
Currently, Ripple ranks third on the Coinmarketcap in the terms of its value, just after Bitcoin and Ethereum. 2019 projections for the currency seem to be bright, as XRP is at the brink of being used across projects like Western Union and MoneyGram.
Cobalt algorithm focuses on enhancing the speed and dependability of existing XRP platform dramatically. Cobalt is an atomic broadcast algorithm that will offer Ripple an efficient decentralized voting network making ita quick consensus. The implementation of Cobalt was initiated on 27th March 2018 and is expected to bring down the cross-border transaction time dramatically.
Let us look at the advantages from a Ripple user’s perspective:
Implementation of Cobalt algorithm into the Ripple infrastructure aims to bring down the cross-border transaction time by 75% earmarking it at 1 second. This is a significant boost as compared to the existing transaction time of 3-4 seconds.
The entire digital financial industry is about to get rid of the transaction stoppage with Ripple implementing Cobalt algorithm. The hackers will not be able to corrupt the pending transactions. Thus, Cobalt Algorithm will render relentless security to the Ripple platform users.
With the implementation of Cobalt, no transaction will stop due to delays in consensus. Instead, they will only face a momentary delay.
Along with lightning upgrade in speed, Cobalt algorithm ensures that the network continues to function even in the absence of global agreement of participants and with non-uniform trust. Such a system will ensure progress of the transactions even asynchronously, which increases network’s reliability and stability.
Cobalt algorithm is able to reach this speed and reliability regardless of the overlap between the pair of nodes, making it a completely decentralized currency. The proposed changes will be delegated to enhance the overall enhancement of the network.