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The XRP Ledger, the underlying blockchain for the world’s third-largest cryptocurrency, has faced criticism after receiving the lowest score in a recent security evaluation conducted by blockchain analytics company Kaiko.
Key Takeaways:
- XRP Ledger achieved a score of 41 out of 100 in Kaiko’s security assessment, ranking last among the evaluated blockchains.
- An incident in April revealed weaknesses in XRPL’s software supply chain, raising significant concerns.
- The network’s limited distribution of validators and low levels of decentralization are notable vulnerabilities.
As per Kaiko’s quarterly Blockchain Ecosystem Ranking, the XRP Ledger received a mere 41 out of 100 in the security category, the lowest score among 15 blockchains assessed.
This placed it behind Polygon, which scored 44, and Stellar, which scored 45, while Ethereum topped the list with a score of 83.
Low Scores in Validator Security and Decentralization
Kaiko assesses blockchains based on five criteria: governance, integration, liquidity, operational efficiency, and security.
The security evaluation includes factors such as validator decentralization, audit history, operational resilience, and previous breaches.
In April, a hacker compromised an official software package utilized by XRPL developers, inserting malicious code capable of stealing users’ private keys.
While the core ledger and GitHub repository were not directly affected, the incident highlighted vulnerabilities in the blockchain’s supply chain security and attracted significant criticism.
At that time, Aikido Security, the attacker, accessed a developer’s Node Package Manager (NPM) token, enabling them to release compromised versions of xrpl.js, the official JavaScript library for interacting with the XRP Ledger.
With over 140,000 weekly downloads, this package is widely used in numerous applications and websites, raising alarms about the potential extent of the breach.
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“This could have been catastrophic,” Eriksen cautioned in a security update, indicating that the vulnerability could theoretically allow attackers to steal private keys, endangering crypto wallets.
The malicious code was identified on April 21, when Aikido’s monitoring system detected five suspicious package versions.
Validator distribution is another critical issue. In contrast to Ethereum and Solana, which utilize extensive validator networks of over one million and 1,700 nodes respectively, the XRP Ledger has approximately 190 active validators.
Of these, only 35 are part of the default “unique node list,” the trusted group most participants rely on for consensus. While this structure aims to improve speed and reliability, critics contend that it centralizes power and makes the system more vulnerable to coordinated failures.
Wellgistics Introduces XRP Ledger Payments for US Pharmacies
Wellgistics Health is launching an XRP Ledger–based payment system for thousands of pharmacies throughout the United States, representing one of the first significant blockchain implementations in the healthcare industry.
The Nasdaq-listed distributor (WGRX) stated that the platform will enable independent pharmacies to pay for drug inventory and transfer funds instantly, avoiding the banking delays and high credit card fees that often burden small businesses.
The rollout will integrate with RxERP, a serialized pharmaceutical e-commerce and enterprise planning solution, providing real-time tracking, reduced costs, and direct settlement between pharmacies and distributors.
Wellgistics, which has a network of over 6,500 pharmacies and 200 manufacturers, is among the pioneers in the healthcare sector to implement a payment solution on the XRP Ledger (XRPL), the open-source blockchain backed by Ripple Labs.
Pharmacies can now sign up for the beta version of the initiative.
CEO Brian Norton mentioned that the feedback from pharmacy owners has exceeded expectations, highlighting that they are “more forward-thinking on blockchain than many in the industry assume.”
The post XRP Ledger Ranks Lowest for Security Among 15 Blockchains in New Report appeared first on Cryptonews.
