Recent events in the crypto space have once again raised questions about the security of various blockchains. XRP Ledger Validator Vet focuses on the superiority of XRP's security over Monero in light of the ongoing attack.
Recent Monero Attack
Recently, Monero faced a successful 51% attack, where the Qubic mining pool managed to accumulate the majority of hash rate. This enabled them to conduct a major chain reorganization, rewriting the blockchain and executing double spends. Estimates show that sustaining this attack requires about $75 million per day, although Qubic could potentially reap significant rewards.
Comparison of Security Models
Vet emphasizes that the XRP Ledger is immune to chain reorganization attacks, making it more secure compared to proof-of-work systems reliant on high hash rates. He stated, "That’s why the XRP Ledger is the most secure network."
XRPL Consensus Mechanism
In contrast to proof-of-work systems, where transactions are confirmed through rigorous calculations, XRPL uses a consensus mechanism that allows validators to quickly agree on the correct ledger state. This ensures that once the ledger is confirmed, it cannot be altered, providing a significant advantage over Bitcoin and Monero.
In light of the current challenges in the crypto space, the comparison of security technologies shows that the XRP Ledger has multiple advantages over Monero. The transparency and efficiency of XRP's consensus mechanism may become crucial factors in the face of growing cybersecurity threats.
