Untangling the XRP Ledger: Insights and Analysis

Lara Mauri; Stelvio Cimato; Ernesto Damiani

doi:10.1007/978-3-030-94900-6_3

Untangling the XRP Ledger: Insights and Analysis

Lara Mauri, Stelvio Cimato, Ernesto Damiani

Electrical Engineering

Università degli Studi di Milano

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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.

Original language	British English
Title of host publication	Information Systems Security and Privacy - 6th International Conference, ICISSP 2020, Revised Selected Papers
Editors	Steven Furnell, Paolo Mori, Edgar Weippl, Olivier Camp
Publisher	Springer Science and Business Media Deutschland GmbH
Pages	48-72
Number of pages	25
ISBN (Print)	9783030948993
DOIs	https://doi.org/10.1007/978-3-030-94900-6_3
State	Published - 2022
Event	6th International Conference on Information Systems Security and Privacy, ICISSP 2020 - Valletta, Malta Duration: 25 Feb 2020 → 27 Feb 2020

Publication series

Name	Communications in Computer and Information Science
Volume	1545 CCIS
ISSN (Print)	1865-0929
ISSN (Electronic)	1865-0937

Conference

Conference	6th International Conference on Information Systems Security and Privacy, ICISSP 2020
Country/Territory	Malta
City	Valletta
Period	25/02/20 → 27/02/20

Keywords

Blockchains
Consensus
Distributed trust
Ripple
XRP ledger

Access to Document

10.1007/978-3-030-94900-6_3

Cite this

Mauri, L., Cimato, S., & Damiani, E. (2022). Untangling the XRP Ledger: Insights and Analysis. In S. Furnell, P. Mori, E. Weippl, & O. Camp (Eds.), Information Systems Security and Privacy - 6th International Conference, ICISSP 2020, Revised Selected Papers (pp. 48-72). (Communications in Computer and Information Science; Vol. 1545 CCIS). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-030-94900-6_3

Mauri, Lara ; Cimato, Stelvio ; Damiani, Ernesto. / Untangling the XRP Ledger : Insights and Analysis. Information Systems Security and Privacy - 6th International Conference, ICISSP 2020, Revised Selected Papers. editor / Steven Furnell ; Paolo Mori ; Edgar Weippl ; Olivier Camp. Springer Science and Business Media Deutschland GmbH, 2022. pp. 48-72 (Communications in Computer and Information Science).

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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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Mauri, L, Cimato, S & Damiani, E 2022, Untangling the XRP Ledger: Insights and Analysis. in S Furnell, P Mori, E Weippl & O Camp (eds), Information Systems Security and Privacy - 6th International Conference, ICISSP 2020, Revised Selected Papers. Communications in Computer and Information Science, vol. 1545 CCIS, Springer Science and Business Media Deutschland GmbH, pp. 48-72, 6th International Conference on Information Systems Security and Privacy, ICISSP 2020, Valletta, Malta, 25/02/20. https://doi.org/10.1007/978-3-030-94900-6_3

Untangling the XRP Ledger: Insights and Analysis. / Mauri, Lara; Cimato, Stelvio; Damiani, Ernesto.
Information Systems Security and Privacy - 6th International Conference, ICISSP 2020, Revised Selected Papers. ed. / Steven Furnell; Paolo Mori; Edgar Weippl; Olivier Camp. Springer Science and Business Media Deutschland GmbH, 2022. p. 48-72 (Communications in Computer and Information Science; Vol. 1545 CCIS).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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Mauri L, Cimato S, Damiani E. Untangling the XRP Ledger: Insights and Analysis. In Furnell S, Mori P, Weippl E, Camp O, editors, Information Systems Security and Privacy - 6th International Conference, ICISSP 2020, Revised Selected Papers. Springer Science and Business Media Deutschland GmbH. 2022. p. 48-72. (Communications in Computer and Information Science). doi: 10.1007/978-3-030-94900-6_3