Ripple CTO Names List of XRP’s Innovations

Latest Cryptocurrency News
Fri, 08/07/2020 - 06:35
Alex Dovbnya
Ripple CTO David Schwartz enumerates XRP’s innovations in response to Blockstream CEO urging the SEC to shut down his blockchain company
Ripple CTO Names List of XRP’s Innovations
Cover image via ripple.com
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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. 

Ripple
image by forbes.com

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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?" 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.