Acts maliciously token holders could, theoretically, fork the XRP Ledger.
Here's how to actually do it and why it ultimately raises concerns around Ripple's control over XRP.How to fork XRP Ledger.
In a technical discussion last week, Ripple CTO David Schwartz revealed it's relatively easy to fork XRP Ledger.
The ability to fork the XRP Ledger is critical because it's one of the primary arguments David Schwartz and others backing XRP use to defend its decentralization.
Since the nodes with the largest number of UNL connections have the greatest influence inside the network, that means Ripple has substantial control over XRP Ledger by controlling the default list.
Ripple CTO David Schwartz uses the technical ability for people to fork XRP Ledger as a reason why it's decentralized.
Finally, in terms of the XRP Ledger network, Ripple controls the default node list.
If the nodes with the largest number of UNL connections has the greatest influence on the network then by extension Ripple has the greatest influence on XRP Ledger.
"The XRP Ledger network is opt-in. Each participant directly or indirectly chooses its UNL. Should Ripple stop operating or should Ripple act maliciously, participants could change their UNLs to continue using the XRP Ledger."
For the time being, the only meaningful thing an XRP holder can do to compel Ripple to make changes is by hitting them in the pocket-book by selling their XRP. That said, one small thing Ripple could do is eliminate the default UNL and allow participants to select nodes on their own.
How to fork XRP Ledger if Ripple acts maliciously
Published on Sep 12, 2019
by Cryptoslate | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.