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Ripple: Overview and Outlook
(2015)
Ripple is a payment system and a digital currency which evolved completely independently of Bitcoin. Although Ripple holds the second highest market cap after Bitcoin, there are surprisingly no studies which analyze the provisions of Ripple.
In this paper, we study the current deployment of the Ripple payment system. For that purpose, we overview the Ripple protocol and outline its security and privacy provisions in relation to the Bitcoin system. We also discuss the consensus protocol of Ripple. Contrary to the statement of the Ripple designers, we show that the current choice of parameters does not prevent the occurrence of forks in the system. To remedy this problem, we give a necessary and sufficient condition to prevent any fork in the system. Finally, we analyze the current usage patterns and trade dynamics in Ripple by extracting information from the Ripple global ledger. As far as we are aware, this is the first contribution which sheds light on the current deployment of the Ripple system.
The aim of the smart grid is to achieve more efficient, distributed and secure supply of energy over the traditional power grid by using a bidirectional information flow between the grid agents (e.g. generator node, customer). One of the key optimization problems in smart grid is to produce power among generator nodes with a minimum cost while meeting the customer demand, known as Economic Dispatch Problem (EDP). In recent years, many distributed approaches to solve EDP have been proposed. However, protecting the privacy-sensitive data of individual generator nodes has been largely overlooked in the existing solutions. In this work, we show an attack against an existing auction-based EDP protocol considering a non-colluding semi-honest adversary. We briefly introduce our approach to a practical privacy-preserving EDP solution as our work in progress.
The economic dispatch (ED) problem is a large-scale optimization problem in electricity power grids. Its goal is to find a power output combination of all generator nodes that meet the demand of the customers at minimum operating cost. In recent years, distributed protocols have been proposed to replace the traditional centralized ED calculation for modern smart grid infrastructures with the most realistic being the one proposed by Binetti et al. (2014). However, we show that this protocol leaks private information of the generator nodes. We then propose a privacy-preserving distributed protocol that solves the ED problem. We analyze the security of our protocol and give experimental results from a prototype implementation to show the feasibility of the solution.