Ripple’s David Schwartz Claims Ripple’s PoW Immune to 51% Attack after Ethereum Classic (ETC) Case
On January 5th, Coinbase exchange announced that Ethereum Classic (ETC) is under 51% attack at the moment of the original post released on Twitter where exchanges and cryptocurrency dev teams have a massive base of followers.
Judging by the initial announcement provided by one of the most authoritative exchanges in the market, Coinbase stated that their team had detected a deep chain reorganization, which resulted in double-spending ETC on Ethereum Classic blockchain.
Previously, Ethereum Classic gained an increased momentum being the first currency to be added to the exchange within their revised policy where listing submissions from dev teams are enabled for all digital assets in the market.
Charlie Lee, the founder of Litecoin (LTC) and David Schwartz from Ripple Labs spoke on Twitter regarding this matter.
Charlie Lee from Litecoin Warns on NiceHash-able Coins, Ripple’s CTO Praises Ripple’s PoW
After Coinbase announced that Ethereum Classic became a victim of double spending on Ethereum Classic chain which rests on top of Ethereum network after the fork that brought ETC to life, Charlie Lee and David Schwartz provided their opinion on the misfortunate event.
Charlie Lee from Litecoin stated that users should be careful when using currencies that “are not dominant in their respective mining algorithm,” adding that the general attention should be specially placed on those coins that are “NiceHash-able.”
As explained by Lee, Ethereum Classic has less than 5% of Ethash hashrate, leaving the coin with 98% of NiceHash-ability.
The founder of “Bitcoin’s baby brother” and one of the most famous Bitcoin hard forks concluded his statement by sharing that a single 51% attack costs 5,000$, adding that around half million dollars was lost with double spending.
On the other hand, although Litecoin and Bitcoin, and similar altcoins, are using Proof of Work as well, said to be vulnerable to 51% attacks, LTC’s PoW, as well as Bitcoin’s, have consensus mechanisms that are dominant.
That is how Litecoin (LTC) is said to be far less vulnerable to these types of hacker attacks.
The statement that followed from Ripple’s Chief Technology Officer was less informational and more focused on emphasizing that Ripple’s PoW eliminates factors that could lead to 51% attack like in case of Ethereum Classic and several other cryptocurrencies like Monero (XMR) that has been attacked more than several times back in 2018.
Ripple’s David Schwartz Briefly Explains how Ripple Technology is Dominant Compared to PoW Consensus Mechanism
Chief Technology Officer at Ripple, David Schwartz shared his opinion on Ethereum Classic 51%, emphasizing that the distributed agreement of XRP Ledger eliminates the risk of getting attacked in oppose to Proof of Work consensus mechanism.
Ripple technology, unlike Bitcoin and Litecoin, is not running on PoW consensus mechanism, instead using distributed agreement protocol said to be far superior in oppose to the traditionally used and energy-consuming Proof of Work.
The statement fueled a debate between XRP holders and the rest of the cryptocurrency enthusiasts, where XRP fans are bashing Ethereum Classic, predicting a case of Coinbase delisting as ETC “proved not to be secure enough”.
On the other hand, XRP is being criticized in this case due to a fact that Ripple can freeze your XRP balance for any reason whatsoever, bringing up a presumption of centralization for which XRP and Ripple had already been criticized for more than once.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]