Ripple Update: XRP Private Keys at Risk but CEO Optimistic
Ripple has been in the crypto news quite a lot these past few weeks. The company behind the world’s second-largest digital currency, XRP, has released statements on growth, a hack, and a number of other developments with its platform. Today, we provide our readers with a Ripple update and the latest developments of the xRapid platform.
This morning, Ripple provided investors with an update regarding a recent research paper released by DFINITY Foundation and the University of California. In this paper, both parties revealed that a portion of Bitcoin (BTC), Ethereum (ETH), and XRP addresses were vulnerable to attacks.
Ripple wanted to clear this up on their end before things spun out of control. The Ripple update informs investors that the private XRP keys used before August 2015 are vulnerable. The researchers in the report claim to have successfully hacked hundreds of private keys thanks to “biased nonces.”
Ripple concludes that deterministic nonce generation has been a part of its software since August 2015, making it safe from this vulnerability. While this hack is alarming, the research also states that centralized and single-computing systems are hacked with much more success and frequency than private keys.
On the more positive side of the Ripple update, last week Ripple announced RippleNet has passed the 200 customer mark. RippleNet is currently operational in over 40 countries and on six different continents.
“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity,” said Brad Garlinghouse, CEO of Ripple. “At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”
According to CoinMarketCap, XRP is currently trading at $0.328 a coin, up +0.18%. The digital currency remains the world’s second-largest cryptocurrency by total market cap.
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