{"id":367538,"date":"2019-01-08T10:00:56","date_gmt":"2019-01-08T10:00:56","guid":{"rendered":"https:\/\/ktsl888.com\/?p=367538"},"modified":"2019-01-09T10:46:57","modified_gmt":"2019-01-09T10:46:57","slug":"ripple-xrp-eliminates-pow-risks-ethereum-classics-51-attack","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ripple-xrp-eliminates-pow-risks-ethereum-classics-51-attack\/","title":{"rendered":"Ripple CTO Claims XRP Eliminates PoW Risks Seen in Ethereum Classic’s 51% Attack"},"content":{"rendered":"

Ripple Labs has long been a polarizing startup in the cryptosphere. Case in point, the San Francisco-headquartered company, started by Stellar Development Foundation, Mt.Gox co-founder Jed McCaleb<\/a>, is often bashed for being in bed with centralized financial entities\u00a0\u2014 what Bitcoin was created to destroy. Moreover, many believe that the XRP digital asset is centralized, controlled by puppet masters at the fintech firm.<\/p>\n

However, David Schwartz, the chief technology officer at Ripple, has claimed that his firm’s protocols actually have their benefits. Schwartz’s controversial comments come after the Ethereum Classic blockchain was attacked by an unnamed group\/user.<\/p>\n

Related Reading:\u00a0Ripple Exec: Crypto Technology Needs Improvement Before Adoption<\/a><\/h5>\n

Ripple CTO Bashes Ethereum Classic’s PoW, Praises XRP Ledger<\/h2>\n

The crypto industry en bloc was shocked on Monday, as a damning Coinbase blog post surfaced. Per previous NewsBTC reports<\/a>,\u00a0Mark Nesbitt, a security engineer at the world-renowned startup, divulged that Coinbase detected a number of deep chain reorganizations (reorgs) on the Ethereum Classic network. Upon further analysis of the reorgs, Coinbase determined that an unnamed malicious user was leveraging rented hashpower to double spend ETC. And as such, the firm was mandated to shut down trading operations for the asset.<\/p>\n

After a deep-dive of this industry event, which went under the radar for over 24 hours, Coinbase’s engineers discovered that upwards of 88,500 ETC, which amounts to a fiat sum of ~$450,000, were falsely deposited on the OkEX\u00a0exchange.<\/p>\n

As this news broke, reaching the eyes and ears of cryptocurrency commentators across the globe, Twitter quickly erupted in a frenzied clamor. Tim Swanson, a leading American technology guru with vested interests in crypto-related firms, took the time to state that by design, Proof of Work (PoW) chains “cannot guarantee settlement finality.”<\/p>\n

Litecoin creator Charlie Lee took the time to caution his followers, stating that coins that aren’t dominant in their respective consensus mechanisms (Ethash for Ethereum Classic) are susceptible to attack. Lee then drew attention to NiceHash, a mining marketplace, to prove his point, noting that it would cost a mere $5,000 to attack the ETC for an hour.<\/p>\n

While the aforementioned comments were expected, what was unexpected was the response that the so-called “XRP Army” had to this industry occurrence. Not only did Ripple’s biggest fans claim that the multiple reorgs of the ETC chain were a win for XRP, but so did David Schwartz, the aforementioned member of Ripple’s top brass.<\/p>\n

Citing the Coinbase expos\u00e9\u00a0piece, Schwartz noted that the XRP Ledger isn’t susceptible to double spend attacks, as its “distributed agreement protocol” eliminates that risk. For those who missed the memo, XRP’s consensus mechanism is vastly different from the PoW schemes that networks like Bitcoin utilize, as validators and tracking servers maintain the ledger without mining.<\/p>\n

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Another PoW blockchain suffers a double spend attack, this time ETC. XRP Ledger's distributed agreement protocol eliminates this risk.https:\/\/t.co\/RQBEWAXmRD<\/a><\/p>\n

— David "JoelKatz" Schwartz (@JoelKatz) January 7, 2019<\/a><\/p><\/blockquote>\n