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On 5 January 2019, Ethereum Classic (ETC) fell victim to a 51% attack. In the beginning, the attack went unnoticed for over 24 hours until the Coinbase engineers noticed that 88,500 ETCs (about $ 450,000) were falsely deposited on the Okex crypt exchange.
On 1/5/2019, Coinbase noted a deep reorganization of the Ethereum Classic blockchain chain that included a double expense. In order to protect customer funds, we immediately suspended the movements of these funds on the ETC blockchain. Read more here: https://t.co/vCx89dz44m
– Coinbase (@coinbase) January 7, 2019
When this news finally came to light, encrypted enthusiasts from around the world took Twitter and shared their opinions.
Litecoin maker Charlie Lee stated that Ethereum Classic is not dominant in its respective consent mechanism (Ethash for Ethereum Classic), which led to the attack. To prove his point, he said that for NiceHash, which is a mining market, attacking ETC for 1 hour would cost only $ 5,000.
Pay attention to coins that are not dominant in their respective mining algorithms, especially those that are compatible with NiceHash. ETC has less than 5% of the total hashhrate of Ethash and is 98% of NiceHash. The 1 hour attack costs $ 5k. Almost $ 500k has been doubled. https://t.co/REwM2lFA9Z https://t.co/bqw54LUjke
– Charlie Lee [LTC⚡] (@SatoshiLite) January 7, 2019
Lee's statement on this topic simply referred to the fact that it was not surprising that ETC was 51% attacked. deduce that proof of work (PoW) chains that have dominant consensus mechanisms, such as Bitcoin and Litecoin, are much less susceptible to this type of attack.
Ripple CTO Bash PoW and Praises XRP Ledger
In contrast to Lee's statement on the 51% attack of ETC, David Schwartz, chief technology officer of Ripple, stated that the vulnerability lies in the PoW mechanism and that XRP Ledger is not susceptible to double-expense attacks such as PoW chains.
For those who do not know it, the XRP consensus mechanism is completely different from that of PoW, because the validators and tracking servers keep the registry without mining operations.
Another blockchain PoW suffers a double-spend attack, this time ETC. The distributed agreement protocol of XRP Ledger eliminates this risk.https: //t.co/RQBEWAXmRD
– David Schwartz (@JoelKatz) January 7, 2019
The short statement by Schwartz fueled the "XRP Army", which subsequently came out in full force with hundreds of tweets proclaiming that the 51% attack on ETC was a victory for XRP. XRP fans claimed that the distributed XRP agreement protocol was far superior to the PoW consensus mechanism, and so on and so on.
However, while XRP has a strong following and a fan base, there is also a significant number of people who see XRP as a centralized digital asset controlled by the fintech company that is Ripple. These Ripple skeptics were also ready to defend PoW just as XRP fans were ready to attack him.
XRP fans and skeptics challenge each other
The well-known YouTuber, Crypto Bobby shared his reflections on the cryptic community discussion that XRP is better than coins that use PoW. His recent video on the subject concerned a series of comments from XRP fans and Ripple skeptics.
A comment that Crypto Bobby highlighted came from Paone, a consultant for the growth of Airswap supported by Mike Novogratz, in which he said:
"If you're a fan of XRP, you can definitely say" hey Coinbase, you entered Ethereum Classic which received 51% of attacks, so it was shown [itself] not to be sure. "But, on the other side [of the spectrum], could be [the Ripple ledger] it is very vulnerable to the government, to regulators and to things of this nature, due to the potential centralized nature of it. "
Paone's comment above was not the only one in Ripple's opinion. The social-social pro-crypto platform, Gab.com, has criticized Ripple for freezing user funds, at any time and for whatever reason they wanted.
Tip: If Ripple Labs can block your funds at any time for any reason, you may have a scamcoin in your hand that is not decentralized.
It could also open a regular bank account lol.
– Gab.com (@getongab) January 7, 2019
Many Twitter users commented on the tweet, with one of them saying that the XRP can be attacked at 51% when some members of the board of directors agree on something. This comment accentuates the centralized nature of Ripple, which many cryptic fundamentalists see as opposed to the whole blockchain.
However, CEO of Ripple Brad Garlinghouse it is irremovable that such statements are fundamentally false. On December 18 held a Ask Me Anything (AMA) with Ripple & # 39; s Senior Vice President of Marketing, Monica Long. In addition to calling 2018 a "hero year" for Ripple, Garlinghouse continued to defend Ripple as more decentralized than Bitcoin:
"Almost ANY measure NOW, the XRP register is more decentralized than the Bitcoin register."
Garlinghouse points out that Ripple manages 7 validators, while in the case of Bitcoin or Ethereum, most of the mining power is in the hands of a few miners.
All in all, there are strengths to do for each side. This battle between XRP fans and Ripple's skeptics has not been won by anyone and it certainly will not be the last one we'll see.
Are you a fan of Ripple and XRP? Do you think that the distributed agreement protocol of XRP is superior to PoW? Let us know what you think in the comments section below.
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