Bitcoin vs XRP: The Truth About Decentralization
Ripple CTO David Schwartz explains why the top two cryptocurrencies in terms of capitalization are close to centralization.
Ripple’s CTO recently said the XRP blockchain is more decentralized compared to Bitcoin and Ethereum. On his blog, he tried justify criticism of XRP, which many see as overly centralized.
Schwartz’s main argument against criticism came in the form of a parallel comparison with Bitcoin and Ethereum, whose blockchains are now considered the gold standard for decentralization. Schwartz points to the dominance of several large mining pools that have an overwhelming majority of votes. In his opinion, this fact proves the centralization of projects.
Currently, 58% of the bitcoin network is controlled by four pools. Ethereum’s situation is slightly different — 57% is controlled by three pools. Such indicators bring projects closer to attack 51%.
In contrast to these projects, Schwartz claims that XRP accounting is not exposed to that kind of risk. Its consensus protocol requires validators to register and verify transactions without any incentive and limit the weight of each validator to one vote.
Earlier we wrote that Ethereum is officially recognized as the favorite coin of scammers..
text: Evgeniya Likhodey, photo: David Schwartz’s official page twitter.com