u.today
During a heated Twitter exchange with Blockstream CEO Adam Back, Ripple CTO David Schwartz has come up with an extensive list of innovations associated with the XRP cryptocurrency.
Schwartz notes that this is the first cryptocurrency that can be forked without the proof-of-work (PoW) consensus algorithm.
Among other novelties that XRP managed to bring to the crypto space, Schwartz mentioned the ability to sign new keys without having to issue receiving addresses, decentralized exchange (DEX), and invariant checking.
Back ramps up his criticism
As reported by U.Today, Back riled up crypto Twitter, including some of the industry’s most influential luminaries, by likening Ethereum, Cardano, and Ripple to a litany of Ponzi schemes.
Ethereum co-founder Vitalik Buterin parried the attack by claiming that “the tides of history” would not be kind to maxis.
Not deterred by the backlash, Back took yet another jab at XRP, asking Schwartz to explain why former Ripple CTO Jed McCaleb keeps “dumping” an estimated 1.74 million XRP on retail investors.
It also puzzles him why the U.S. Securities and Exchange Commission (SEC) is yet to shut down the San Francisco-based blockchain company despite its questionable affiliation to the XRP cryptocurrency it actively promotes.
An innovative security model
In response, Schwartz, who is regarded as the chief architect of the XRP Ledger, compared McCaleb dumping his extensive holdings to retail to Bitcoin miners cashing out their earnings.
While miners need to finance their operations to invest in new equipment to prevent attacks, Schwartz insists that this security model is flawed, and the XRP Ledger doesn’t require its holders to “outspend” attackers:
"What security model is worse than requiring honest users to actually spend more than any attacker is willing to pay?"