Bitcoin Proof-of-work Protocol Is Unsafe According To David Schwartz The CTO Of Ripple

While many people are looking for the XRP price prediction 2019, others are focused on things like the blockchain proof-of-work consensus mechanism that was made popular by Bitcoin. You see, there has been an argument about which consensus mechanism is better between the Bitcoin blockchain proof-of-work and the XRP ledger. Recently, the CTO of Ripple, David Schwartz, said that the Bitcoin blockchain proof-of-work consensus mechanism is unsafe.

Bitcoin Blockchain Proof-of-work Consensus Mechanism Isn’t Safe

The whole thing started when Ruben Somsen, the co-host of Unhashed, pointed out a flaw in the XRP ledger. In his words:

“Ripple nodes skip validation if they’re more than 100 blocks (~20 min) behind and 80% of the validators agree the blocks are valid. It seems to me validators could exploit this – halt the chain, then skip fake signatures.”

In response to the comment, the CTO of Ripple David Schwartz, who is also an experienced programmer and businessman, said that he believes that the XRP ledger provides more protection than the Bitcoin blockchain proof-of-work when it comes to hostile majority attacks like the 51% hash power consolidation attack. In reply to Schwartz, programmer Udi Wertheimer, said that the consensus mechanism used by Ripple for the XRP ledger can allow users to steal coins that have already been moved. This can inflate supply and lead to coin destruction.

Schwartz insisted that the risks on the Bitcoin blockchain are all caused by the PoW consensus mechanism. As long as the network continues to use this Bitcoin blockchain proof-of-work mechanism, these risks cannot be contained. He continued:

“In the case of XRP Ledger, it’s just a matter of the default tradeoffs between synchronization time and security against an almost impossible attack.”

Schwartz also said that apart from the security risk, the PoW consensus mechanism is also an enemy of true decentralization. Wertheimer argued that its possible for 80% of the XRP validator nodes to collude.

Latest XRP Price Prediction 2019

For those who are looking for an XRP price prediction 2019, keep in mind that things are bullish at the moment. While XRP has lost its position as the second largest cryptocurrency per market capitalization to ETH, the token is still a force to be reckoned with. Ripple is working hard to make sure that XRP becomes the most demanded digital asset in the future. This may seem like an over-ambitious goal but it’s not unfounded.

You see the XRP token is a requirement for the xRapid protocol. The xRapid protocol is one of Ripple’s technology that enables cross-border payments that are cheaper and faster than traditional payment methods. The ultimate goal is to become the number one cross-border payment service provider in the world taking over traditional systems like SWIFT. If this happens, the demand for the XRP token will increase dramatically and this will fuel a bull run. Already, some banks have started using the xRapid protocol.

At the time of writing, XRP was trading at $0.316267. It is up by 0.79% against the USD and up by 0.23% against BTC. The trading volume over a 24 hour period is $768,662,363 and the market capitalization is $13,103,617,199. So, if you want to enjoy from the XRP bull run, this may be a good time to start accumulating tokens.

What do you think about the XRP price prediction 2019? Is it a good idea to start accumulating XRP? Share your thoughts in the comment section.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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