Bitcoin Is More Vulnerable To Attack Than XRP, Says Ripple CTO
Ripple and Bitcoin have been compared more than once, and their features have been addressed by the crypto experts various times.
Just recently EThereum’s Vitalik Buterin compared the two projects and named the winner.
Bitcoin is more vulnerable to attacks than XRP
Ripple CTO, David Schwartz recently said that he believes Bitcoin is more vulnerable to attacks that XRP.
He issued a response to a tweet coming from Unhashed podcast co-host Ruber Somsen who asked if the XRP Ledger can be exploited due to a mechanism that needs nodes to skip validation is they are too far behind. You can see the message exchange below.
Schwartz said that such attacks on XRP can be mitigated in software and these are small issues compared to Bitcoin’s flaws and vulnerabilities. He also made sure to call Bitcoin’s consensus mechanism a “dead end.”
“No blockchain that I know of has better protection against a hostile majority attack than the XRP Ledger does.
Bitcoin will happily allow double spends if the majority of mining power is in hostile hands…”
He continued and explained that “PoW has been a dead end for both decentralization and security, It’s gotten more centralized, and we’ve seen 51% double spend attacks. By contrast, a distributed agreement has gotten more decentralized, and it’s clear how to mitigate these attacks in software.”
Oh wow didn't know that. This seems very dangerous. Couldn't validators just collude to create more blocks and push them onto the network at once, effectively instantiating a new state?
— Udi Wertheimer (@udiWertheimer) March 7, 2019
A 51% attack means that a miner or a mining pool takes control by gaining over 50% of the network hash rate, according to The Daily Hodl.
PoW has been a dead end for both decentralization and security, It's gotten more centralized and we've seen 51% double spend attacks. By contrast, distributed agreement has gotten more decentralized and it's clear how to mitigate these attacks in software. 2/3
— David Schwartz (@JoelKatz) March 8, 2019
Ripple and XRP were in the spotlight recently again after BeeTech Global, a Brazil-based payment service which uses RippleNet have been enjoying some massive benefits.
The fess used by BeeTech Global have proven to be much lower compared to Western Union, and their transactions are faster than SWIFT now, UToday reported.
This will definitely turn out perfect for people who are working away from their homes and want to send money to their loved ones.
This was just another example of a company using Ripple’s products and enjoying lots of advantages.
Not too long ago, Euro Exim Bank decided that it’s time to ditch SWIFT and they chose xRapid instead.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.