As the Bitcoin Cash (BCH) Hash War continues to impact the crypto markets, Ethereum World News went back in time to see if such an eventuality had been expected and how it could have been avoided. In the routine of going through our archives, we came opposite a square written back in August about how the XRP bill was more decentralized than both the Bitcoin and Ethereum networks.
Based on a post created by the stream Chief Technology Officer at Ripple (David Schwartz), it explained to the crypto village that the mining energy of both Bitcoin and Ethereum was hold by a name few.
Flaws of Proof-of-Work in the Networks of Bitcoin, BCH and Ethereum
In the ominous post by David Schwartz, he explained that four mining groups tranquil 58% of the Bitcoin network and 3 miners criticism for 57% of Ethereum’s daily capacity.
He went on to supplement that:
80 percent of the mining on the Bitcoin blockchain is centralized in China, notwithstanding the country’s ban on digital assets. This puts it at larger risk of being manipulated by a single, emperor government.
Some experts even advise that in a misfortune box scenario, miners of Bitcoin and Ethereum blockchains could use this to their advantage — conspiring to rewrite story on the blockchain through a 51 percent attack that results in accurate exchange being unvalidated and allows for rascal to occur.
Bitcoin Currently At the Mercy of Miners
Although his comments did not impute to Bitcoin Cash directly, we can see the congruencies of his statements with the now ongoing Bitcoin Cash Hash War. We can also interpretation that David Schwartz had seen the probability of miners rewriting the story of Bitcoin.
With both camps of the brawl – Bitcoin Cash ABC and Bitcoin Cash SV – vowing to quarrel to the sour end, crush energy will most expected be redirected from Bitcoin to Bitcoin Cash so undermining the BTC network and the value of the digital asset.
The Illegality of Diverting Hash Power from BTC to Bitcoin Cash
Craig Wright, who supports the Bitcoin Cash SV version, has forked out the illegality of Roger Ver’s Bitcoin.com redirecting crush energy to BCH. He did so around a twitter that stated the following:
Please remember, the penalties for defrauding business are a mixed of the volume taken.
Please – let’s start to purify up this space, starting with http://Bitcoin.com
When they re-direct your crush illegally, we will assistance you learn them a lesson
Pre-Mined Coins and Consensus Protocols Look Very Attractive Right Now
Proof-of-Work networks such as those of Bitcoin, BCH and Ethereum, flower by incentivizing miners to countenance transactions. In the box of the XRP ledger, the accord custom does not have such incentives and requires that 80% of the validators be online for 2 weeks to support a change on the network.
The Stellar network also operates using a Consensus Protocol. The Tron Network uses Delegated Proof-of-Stake which uses a repute system and real-time/continuous voting to grasp consensus.
In the brief reason of the networks behind XRP, XLM and TRX, we get a severe thought at how accord protocols offer distant better network fortitude than the Proof-of-Work protocols of BTC, BCH and ETH.
As a result, the 3 coins of XRP, XLM and TRX might turn the fan favorites of many traders and investors after the stream crush fight is over.
What are your thoughts on the stream Bitcoin Cash crush war? Please let us know in the criticism territory below.[Image pleasantness of Ripple.com]
Disclaimer: This essay is not meant to give financial advice. Any additional opinion herein is quite the author’s and does not paint the opinion of Ethereum World News or any of the other writers. Please lift out your possess investigate before investing in any of the countless cryptocurrencies available. Thank you.