Among many myths that the article dismisses, the foremost relates to the idea that XRP isn’t required for Ripple’s payment protocol. Whereas most cryptocurrency investors are acquainted with the XRP coin. While they fail to completely perceive the connection between Ripple, their payment protocol and the way XRP functions in it all.
Of the 2 merchandise Ripple offers,
As opposed to the business standard,
Additionally, XRP coin provides a major advantage by opening the payment protocol to the world and developing markets. As there is no need of a high-priced pre-establishments. This is a move that will help developing nations and smaller establishments compete with larger players from the point in time.
For an average,
However, the bank choosing
Ripple CTO Believes Bitcoin May Attack
David Schwartz issued a fiery response to a Tweet from Unhashed podcast co-host Ruben Somsen, who questioned whether or not the XRP Ledger is often exploited. Thanks to a mechanism that
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. @JoelKatz never replied. See here: https://t.co/GlzHh99F8q— Ruben Somsen ⚡️??️2️⃣❎ (@SomsenRuben) March 7, 2019
The Ripple CTO says such attacks on XRP are often “mitigated in software”. Also, they’re little compared to Bitcoin’s vulnerabilities, calling Bitcoin’s accord mechanism a “dead finish.”
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.— David Schwartz (@JoelKatz) March 8, 2019
A 51% attack is when a miner or mining pool takes management by gaining over 50% of the network hash rate so as to commit the last word crypto crime: rewrite the ledger and double pay previous transactions.
This year Ethereum Classic was hit with one such attack, raising questions on Bitcoin’s current level of security