Blockchain network solutions provider PAC Global has announced on running its own node to validate transactions on the XRP Ledger. It’s the validators that determine the development of the XRP Ledger. Hence, any company that employs or depends on the XRP Ledger has an internal purpose to guarantee the security and maturity of the network. Currently, over 150 validators are handling the XRP Ledger.
PAC Global to Run its Own XRP Node
XRP Ledger is operated by a unique node list (UNL) of trusted validators for processing transactions on the network. Even though Ripple no longer runs the majority of them, the company still publishes its own proposed UNL as pointed in a complaint filed by the U.S. Securities and Exchange Commission.
Anyone can operate a validator; currently, over 150 validators are active on the ledger, operated by universities, exchanges, businesses and individuals. https://t.co/7fpuBb6Myq
— RippleX (@RippleXDev) March 17, 2021
Ripple node validators act as a validating server to engage in the agreement method or consensus method. The intention behind this is to promote the continuing decentralization of the XRP Ledger.
If an entity depends on the XRP Ledger, it’s beneficial to run a validator to participate in the consensus process. For instance, PAC Global is a partner of Ripple-funded blockchain project Flare Networks.
The current UNL includes Coil, Bitso, Bithomp, and other well-known names within the Ripple ecosystem. However, the problem is that majority of the existing validators are still incentivized by Ripple.
XRP Node Validators Verifies Every Incoming Transaction
A validator on a blockchain verifies every incoming transaction. A transaction will only be completed on the blockchain when it has been verified by the validator. Validators are assigned to verify transactions to whether or not they are legal and accurate.
The most known example of the transaction can include a record of a cryptocurrency payment but can also include ledger data such as supply chain tracking information.
Meanwhile, nodes are computer systems that use their computational power to confirm these transactions and act as the physical hardware validation of the process.