14 years ago, we got together with an idea to build a better way to move value. What happened next was something none of us could have built alone.
And by "us," I don't just mean the three of us.
I mean the developers, validators, businesses, community members, and everyone who helped shape XRP into what it is today.
Happy Birthday, XRP!
Mark your calendar ποΈ
We are delighted to announce that we will come together with our supporters and community for a special parade, starting from 2pm on Sunday 31 May π
Litecoin suffered potentially a 51% attack.
How does it compare to XRPs consensus algo?
Proof of Work is the worst security model because you're only as secure as someone else is willing to spend more $ to attack the network than PoW is incentivizing miners.
Litecoin (like BTC) also has the Nakamoto fork choice algorithm which has probabilistic and not absolute settlement (like XRP) of transactions because of the possibility of (deep) chain reorganize attacks. Which is part of how 51% attacks are carried out and has happened here.
Bitcoin managed to have high enough token price to fund excessive amounts of hashrate to make this exact attack scenario by magnitudes more costly. Any PoW chain who can't do the same is more vulnerable to attacks like this.
The price of the native token dictates how secure PoW network are, that's why they are fundamentally a bad choice for multi asset features like stablecoins or RWAs at scale because it can't secure other tokens well and reliable.
The XRP Ledger is built differently, the consensus algorithm has absolute final settlement which means validated blocks are protected and can't be reorganized.
Network security doesn't rely on XRPs price. The network is as secure with $1 XRP or $1000 XRP, that is very important for a reliable settlement machine.
More importantly validators on the XRP Ledger can only collude to stall the network, thats the worst case scenario you can recover from quickly by swapping them out. But you can't do 51% attacks on XRP.
Thats why validators are so boring on the XRPL, their power is intentionally limited.