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Ripple Labs has 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, is often bashed for being in bed. Moreover, many believe that the XRP digital asset is centralized, controlled by puppet masters at the fintech firm.
However, David Schwartz, the chief technology officer at Ripple, has claimed that his firm is actually their own. Schwartz's controversial comments as after the Ethereum Classic blockchain was attacked by an unnamed group / user.
Related Reading: Ripple Exec: Crypto Technology Needs Improvement Before Adoption
Ripple CTO Bashes Ethereum Classic's PoW, Praises XRP Ledger
The crypto industry was blown on Monday, as a damning Coinbase blog post surfaced. For previous NewsBTC reports, Mark Nesbitt, a security engineer at the world-renowned start-up, divulged that Coinbase, identified as a number of deep chain reorganizations (reorgs) on the Ethereum Classic network. Upon further analysis of the reorgs, Coinbase is an unnamed malicious user that was leveraged rented hashpower to double spend ETC. The firm was mandated to shut down operations for the asset.
After a deep-dive of 24 hours, Coinbase's engineers discovered that upwards of 88,500 ETCs, which amounted to a fiat sum of ~ $ 450,000, were falsely deposited on the OkEX exchange.
As this news broke, Twitter and 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 "can not guarantee settlement finality."
Litecoin creator Charlie Lee took the time to caution his followers, stating that coins that are not 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.
While the aforementioned comments were supposed to be 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 I did David Schwartz, the aforementioned member of Ripple's top brass.
Citing the Coinbase exposé piece, Schwartz noted that the XRP is not susceptible to double spending 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 Bitcoins use as validators and tracking servers to keep the ledger without mining.
Another PoW blockchain suffers to double spend attack, this time ETC. XRP Ledger's distributed protocol protocol eliminates this risk.https: //t.co/RQBEWAXmRD
– David Schwartz (@JoelKatz) January 7, 2019
This pro-Ripple statement should be as no surprise, especially considering that Schwartz is an advocate for the network he builds on.
Schwartz's rallying cry for Ripple's most fervent fans, with Twitter accounts bearing "XRP" in their names quickly lauding their favorite assets, while bashing PoW networks. While there were hundreds backing the third most valuable cryptocurrency by market capitalization, they were quick to debunk this newfound love for Ripple.
Skepticism Ensues
Rob "Crypto Bobby" Paone, a skeptic of XRP's status in this industry, touched on the discussion that is better than its PoW counterparts in a recent Youtube video. Mike Suckpticism and hilarity, Paone, a growth advisor at Mike's Novogratz-backed Airswap, noted:
"If you're an XRP fan, you can certainly say 'hey Coinbase, you listed Ethereum Classic that got 51% attacked, so it has proven [itself] to be not secure. 'But, on the other end [of the spectrum], maybe [the Ripple ledger] is very vulnerable to government, regulators, and things of that nature, two to the potential centralized nature of it. "
The seasoned industry commentator was not alone in his cynicism. Far from, in fact. Gab.com, a pro-crypto social media platform built in the premise of free speech, here's a chance you can have a freeze, if any reason, there's a chance you might have to "scamcoin on your hands that is not decentralized. "
Pro tip: if Ripple Labs can freeze your funds at anytime for any reason you might have a scamcoin on your hands that is not decentralized.
Might as well just open a normal bank account lol.
– Gab.com (@getongab) January 7, 2019
Gab, which is no stranger to financial censorship, added that considering Ripple's purported control over its go-to ledger. Tweet, the American startup, known for its enamorment with Bitcoin, later noted that XRP is only great if you trust.
One of the most popular members of the company behind the shadowed ledger.
However, in a recent questionnaire, Ripple's CEO, Brad Garlinghouse, has claimed that this critique is fundamentally false. Speaking with Monica Long, one of Ripple's Senior Vice Presidents, Garlinghouse noted that "FUD (fear, uncertainty, doubt)," adds that there is much misinformation regarding XRP's status and underlying nature.
Engage in whatever zealotry The chief quipped that two to the presence of misinformation [they want]. "Yet, in quick succession, Ripple's c-suite head noted that" by many measures, the XRP Ledger is more decentralized than Bitcoin. "He went on to elaborate:
"Ripple runs seven validators, [which is] about four percent of [all] public validators … On the Bitcoin ledger or Ethereum ledger, you have a very small number of controlling miners, you know, well past 50% of [the] mining power. "
This, of course, came out of the mouth of Ripple's very own head. Crumpled cryptocurrencies over the head. Regardless, a number of XRP diehards have incessantly used from Garlinghouse and Schwartz.
Featured Image from Shutterstock
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