XRP Ledger decade-old security design gains fresh attention.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only.
U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Mayukha Vadari highlights the major advantage of native multisign on the XRP ledger, which is zero smart contract risk.
As multisigning is baked directly into the protocol and not patched together through 3rd-party smart contracts, the attack vector literally doesn't exist forVadari was reacting to a recent report by Blockaid, which detected an exploit targeting the SquidRouterModule on Ethereum and Base networks. In this incident, 86 Gnosis Safes were drained for about $3 million in nearly 2 hours. All stolen tokens were swapped to DAI via attacker-controlled Uniswap V3 pools.
Because multisign is baked directly into the protocol, not patched together via 3rd-party smart contracts, this attack vector literally doesn't exist for your accounts. XRP Liquidity Drops to 2020 Low, CryptoQuant Warns; Binance Delists Key SHIB Rivals; Hyperliquid Adds USDT for Margin - Morning Crypto ReportIn this scenario, the RippleX software engineer highlights a security edge that the XRP Ledger possesses: the native multisign, which eliminates attack risk.
Responding to a critic who claimed that the Bitcoin ecosystem has lots of apps that support multi-signing, whereas in the XRPL ecosystem, it is virtually non-existent, Vadari clarified the situation. Vadari clarified that while not many self-custodial apps support the multi-sign feature, lots of custodial apps do . She also highlighted a very different implementation from Bitcoin, which essentially only had basic M-of-N support until Taproot in 2021.
Multi-signing on thesupports a native multisign scheme. Multi-signing in the XRP Ledger is a means of authorizing transactions for the XRP Ledger by using a combination of multiple secret keys. Any combination of authorization methods can be enabled for a user address, including multi-signing, a master key pair, and a regular key pair. This has numerous advantages over the schemes other ledgers use. For example, the signers or quorum can be changed without changing the receiving address. Individual signers can rotate their own credentials without disturbing the funds on the ledger.
XRP Liquidity Drops to 2020 Low, CryptoQuant Warns; Binance Delists Key SHIB Rivals; Hyperliquid Adds USDT for Margin - Morning Crypto ReportXRP Liquidity Drops to 2020 Low, CryptoQuant Warns; Binance Delists Key SHIB Rivals; Hyperliquid Adds USDT for Margin - Morning Crypto Report
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why AI And Why Now? - CleanTechnicaOpposition to AI and the enormous data centers it will need in the future is growing in the US, as people begin to see the risks.
Read more »
$275 Million Added to RLUSD as XRP Ledger Network Activity RisesRipple USD stablecoin (RLUSD) expands with $275 million liquidity boost.
Read more »
XRPL Community Warned of Impending Node BlocksThe XRP Ledger (XRPL) ecosystem is fast approaching a critical operational deadline.
Read more »
XRP Ledger to delete NFT junk and patch key bugs takes in new upgradeThe XRP Ledger is rolling out the fixCleanup3_1_3 upgrade on Wednesday, to clean up expired NFTs.
Read more »