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2022 | OriginalPaper | Chapter

Untangling the XRP Ledger: Insights and Analysis

Authors : Lara Mauri, Stelvio Cimato, Ernesto Damiani

Published in: Information Systems Security and Privacy

Publisher: Springer International Publishing

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Abstract

Over the last few years, the interest in blockchain platforms has fostered the implementation of a number of distributed ledger-based solutions for the exchange of information, assets and digitized goods in both the private and the public sectors. While proposing promising alternatives to the original Bitcoin protocol is an important goal that the bulk of the effort in blockchain community has been focused on, it may not be enough. A major challenge faced by blockchain systems goes beyond the ability to superficially explore their attack surface, and firstly must consider the importance of studying the functioning of their underlying consensus protocols also in the form of non-functional properties such as security and safety. It is to this extent that recent research has started to rigorously analyze the Bitcoin protocol and its close variants, whilst BFT-like systems have not received equal attention so far. In this paper, we focus on the XRP Ledger with the aim to lay down the first steps towards the complete formalization of its unique consensus mechanism. We provide a thorough description of its different phases and present an analysis of some of its properties, which will be suitable as a basis for future research in the same vein.

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The XRP Ledger is better known as “Ripple” because originally this was the name used to refer to the protocol. Recently, in order to differentiate it from the company, the term “XRP Ledger” has been adopted to refer to the technology.

https://xrpcharts.ripple.com/#/validators.

In the XRP Ledger documentation [35], the term “closed” is used to denote what here we refer to as “last closed”. Our choice is dictated by the desire to make the exposition clearer and more consistent with what is in the current implementation [36].

Even if it appears counterintuitive, in practice the open ledger is never really closed. When certain conditions are met, the validator throws away its open ledger, builds a new last closed ledger by starting with the prior last closed ledger, and then creates a new open ledger using the newly created last closed ledger as a basis.

In the XRP Ledger network, the very first ledger started with ledger index 1. However, since in practice this is no longer available, the ledger \(\#32570\) is considered the actual genesis ledger.

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Title: Untangling the XRP Ledger: Insights and Analysis
Authors: Lara Mauri
Stelvio Cimato
Ernesto Damiani
Publisher: Springer International Publishing
Book: Information Systems Security and Privacy
Print ISBN: 978-3-030-94899-3

Electronic ISBN: 978-3-030-94900-6

Copyright Year: 2022
DOI: https://doi.org/10.1007/978-3-030-94900-6_3

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