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Ripple Labs has long been a polarizing startup in the cryptosphere. Case in point, the San Francisco-based company, initiated by the Stellar Development Foundation, co-founder of Mt.Gox, Jed McCaleb, is often struck by being in bed with centralized financial entities – that Bitcoin was created to destroy . Moreover, many believe that the XRP digital asset is centralized, controlled by master puppeteers of the fintech company.
However, David Schwartz, Ripple's chief technology officer, said his company's protocols actually benefited. Schwartz's controversial comments come after the Ethereum Classic blockchain has been attacked by an unnamed group / user.
Related reading: Ripple Exec: Crypto technology needs improvement before adoption
Ripple CTO Bash Ethereum Classic PoW, praises XRP Ledger
The massively encrypted industry was shocked on Monday when a damned blog post emerged on the Coinbase blog. According to NewsBTC, Mark Nesbitt, a security engineer at the world-famous startup, revealed that Coinbase has detected a series of deep chain reorganizations (reorg) on the Ethereum Classic network. After a further analysis of the reorgs, Coinbase determined that a nameless malicious user was leveraging the number of chartered hashes to double the ETCs. And as such, the company was mandated to close trading operations for the asset.
After a deep study of this industry event, which went under the radar for over 24 hours, the engineers at Coinbase discovered that upwards of 88,500 ETC, which amounts to $ 450,000, were falsely deposited on the Okex exchange.
As this news broke, reaching the eyes and ears of cryptocurrency commentators around the world, Twitter quickly exploded into unbridled clamor. Tim Swanson, one of the leading American technology gurus with vested interests in encrypted companies, has taken the time to say that, by definition, the Proof of Work (PoW) chains "can not guarantee the purpose of regulation".
The creator of Litecoin, Charlie Lee, took the time to warn his followers, stating that coins that are not dominant in their respective consensus mechanisms (Ethash for Ethereum Classic) are likely to attack. Lee then drew attention to NiceHash, a mining market, to prove his point, pointing out that it would cost only $ 5,000 to attack the ETC for an hour.
While the aforementioned comments were expected, what was unexpected was the answer that the so-called "XRP army" had on the occasion of this industry. Not only did Ripple's biggest fans say that multiple repeats from the ETC chain were a victory for XRP, but David Schwartz, the aforementioned member of Ripple's best brass, did the same.
Citing the illustrated piece of Coinbase, Schwartz noted that XRP Ledger is not susceptible to double expense attacks, since its "distributed agreement protocol" eliminates this risk. For those who missed the note, the XRP consensus mechanism is very different from the PoW schemes that use networks like Bitcoin, because the validators and tracking servers keep the registry without extracting it.
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
This pro-Ripple statement should not be surprising, especially considering that Schwartz is an obvious defender of the network on which he is based.
Schwartz's brief statement on the issue quickly became a battle cry for Ripple's most buzzing fans, with Twitter accounts reporting "XRP" in their names quickly praising their favorite asset as they hit the PoW networks. While there were hundreds supporting the third most important cryptocurrency by market capitalization, the skeptics were ready to unmask this new love for Ripple.
Skepticism
Rob "Crypto Bobby" Paone, skeptical about the status of XRP in this sector, has touched on the argument that XRP is better than its PoW counterparts in a recent Youtube video. Addressing the subject with skepticism and laughter, Paone, a consultant for the growth of Airswap supported by Mike Novogratz, noted:
"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. "
The expert industry commentator was not alone in his cynicism. Far away, in fact. Gab.com, a pro-cryptographic social media platform built around the premise of freedom of speech, has joked that if Ripple Labs can freeze funds, every time and for any reason, there's the possibility that you may have a "scamcoin on hands that is not decentralized".
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
Gab, who is not unrelated to financial censorship, added that, considering Ripple's alleged control over his go-go register, a traditional bank account could also be opened. Through the medium of another incendiary tweet, the American startup, known for its fascination with Bitcoin, then noted that XRP is exceptional only if you trust Ripple Labs.
A Twitter user commented that XRP can be attacked at 51% when "few members of the board agree on something", emphasizing the centralized nature of the company behind the shadow ledger.
However, in a recent questionnaire, Ripple's CEO, Brad Garlinghouse, said that this criticism is fundamentally false. Speaking with Monica Long, one of Ripple's senior vice presidents, Garlinghouse noted that "people spread their FUD (fear, uncertainty, doubt)", adding that there is a lot of misinformation about the status and underlying nature of XRP.
The boss joked that due to the presence of wrong information, those misaligned can continue to "engage in any fanaticism [they want]"Yet, in quick succession, Ripple's bunk chief remarked that" with many measures, the Led XRP register 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 on the Ethereum register, you have a very small number of miners who control, you know, well over 50% of [the] mining power. "
This, of course, came straight out of the mouth of Ripple's own head. Regardless, a number of irreducible XRPs used incessantly comments from Garlinghouse and Schwartz to target traditional cryptocurrencies.
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