XRP Is a Highly “Safe” Cryptocurrency, Says Cornell University Study
In a recent analysis, Cornell University’s distributed cryptocurrency systems architects, Brad Chase and Ethan Macbrough, have concluded that XRP is a highly “safe” cryptocurrency “even in the presence of faulty or malicious participants”. Their research, titled Analysis of the XRP Ledger Consensus Protocol, was published on the University’s online library on February 20th.
The XRP Network Cannot Become “Stuck” Making no Forward Progress
The study was conducted on the XRP Ledger Consensus Protocol, which powers the XRP Ledger and provides a detailed explanation of the algorithm, deriving conditions for its safety and liveness. “The XRP Ledger Consensus Protocol (LCP) is a protocol for reaching consensus without a universal agreement of network participants. Compared with other decentralized consensus algorithms like proof-of-work or proof-of-stake, XRP LCP has since its inception provided lower transaction latency and higher throughput for its users,” said the study.
In their work, Chase and Macbrough also “show that during the present stages of diversifying trusted network operators, the XRP network is both safe and cannot become “stuck”, making no forward progress.”
The Cobalt Recommendation
The research also shows that XRP LCP is provably safe with the current and near-future network structures, while also presenting an alternative consensus protocol called Cobalt. Similar to XRP LCP, Cobalt can also be used in networks that lack uniform agreement on participants or trust, but make forward progress at a steady rate in the presence of maximum tolerated Byzantine faults and arbitrary asynchrony. It only needs a > 60% overlap to match the XRP LCP safety tolerances as compared with a > 90% overlap required by the XRP LCP, highlighted the study.
The paper concludes with the belief that Cobalt represents an encouraging direction for even greater future decentralization of the XRP network.