Ripple vs. Bitcoin (security and privacy)

by Albert Szmigielski Fairness Bitcoin’s public ledger, the blockchain, allows any entity to check the transactions in the system. Furthermore, as long as 66.7% of the miners are honest no entity can change the history of transactions. Both of those properties ensure fairness. However in light of recent research into attacks on the Bitcoin network, several double-spending attacks have been identified. Such attacks negate the fairness property. Ripple has not been studied as extensively as Bitcoin. Ripple relies on ledgers that can be inspected. However, Ripple’s validating nodes are currently run and therefore controlled by Ripple labs, it seems that there are not sufficient incentives to run a Ripple validating node. Double spending attacks have not been identified in Ripple

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Accountability Measures in Bitcoin

by Albert Szmigielski Accountability measures in Bitcoin are a good idea. However, they should be implemented in such a way, so that they cannot be abused by just anyone. Accountability goes against privacy, if a system is to be 100% private then accountability mechanisms may not be possible. Currently, there is a basic accountability system implemented in the Bitcoin core software. The system bans IP addresses of misbehaving nodes for a period of time. While this is a good start, it is not sufficient to prevent bad actors from trying to attack the network. Blacklisting One mechanism of accountability would be to blacklist Bitcoin addresses that do not observe the rules and misbehave. This mechanism would essentially freeze the funds

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