Verifiability

Short Description:

Verifiability is the fundamental principle of being able to check that a system is following the rules, preferably in a quick and easy manner. This is why blockchains prioritize transparency - so that any fraudulent activity can be quickly identified.

Main Description:

Verifiability is the concept of validating a system is following the rules. It works through being transparent, which ensures that information can be independently checked by participants. Verifiability is a fundamental principle in blockchain technology, including XRPL, where consensus mechanisms and cryptographic algorithms enable participants to independently verify the correctness of transactions and the state of the ledger.Verifiability is particularly crucial in the context of cryptocurrency transactions, where the ability to independently verify the validity of transactions ensures trust among participants.