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?
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