Researchers from university of Bern Mr. Cachin, Amores-Sesar and Jovana have criticised the bullish cryptocurrency and seems to have a few crack on one of its protocols. In a brief analysis, they said that the world’s third most valuable cryptocurrency maybe prone to attacks as there was some fault in its inbuilt systems to limit such happening.
“Our findings show that ripples protocols relies heavily on synchronised clocks, timely message delivery and the presence of a fault free network and an a-priori agreements on common trusted nodes with the unique node signed by ripple” it said.
“If any one or more of these protocols are violated especially if attackers become active inside the network, then the system may fail badly.” They said.
However ripples have debunked such claim as fake and clarified that the protocol is very securely protected that such an intruder won’t have access in the first place into the well built protocol.
“I welcome papers like this and appreciate having any weaknesses identified and pointed out. Any opportunity to improve XRPL’s consensus protocol or the security and reliability of blockspace generally is a good thing. The overall philosophy of UNL is that attackers gets only one chance to jeopardise the likeness and then they are forever off the UNL” said Mr. Schwartz who is also the chief technology officer at ripples.
“Attack on safety also requires significant control over the propagation of messages on the network which makes them impractical. This is why bitcoin complete lack of partitions tolerance isn’t a practical problems”, he said.
What you must know.
Ripples is payment platform with a cryptocurrency known as XRP which is currently the third world most valuable digital currency by market capitalisation. In recent times, ripples have been pushing for adoption of XRP as a digital exchange coin. Many countries are currently working towards its ( XRP) recognition as an exchange commodity.