Ethereum lacks immutability feature: Litecoin founder Charlie Lee

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September 11, 2018 by
Ethereum lacks immutability feature: Litecoin founder Charlie Lee

Litecoin [LTC] founder Charlie Lee just recently shared his views on the essential value of cryptocurrencies at the Blockchain Cruise Ship Conference. He discussed the top 2 cryptos by market cap– Bitcoin [BTC] and Ethereum [ETH]– together with his Litecoin task.

Lee explained that Ethereum does not have the immutability function that is present in both Litecoin and Bitcoin. This places the ‘wise agreement’ job at a disadvantageous placement as purchases can be altered in future, BitcoinExchangeGuide reported.

Nevertheless, it is to be noted Litecoin and Bitcoin deals could likewise be turned around, yet at a really costly margin. The costs vary considerably from each other– for Litecoin, it is more costly compared to Bitcoin. Lee pointed out that Bitcoin is a far better option for big transactions while Litecoin is more effective for smaller deals.

He is of the view that the ETH job is very ‘security oriented’ and also censorship-resistant. “It’s tough to see specific purchases but the issue with Ethereum is, we have already seen it, we have actually already shown and verified that purchases on Ethereum is not unalterable for a lot of cases it is,” he stated.

To sustain his point, he provided the example of Ethereum Classic [ETC] fork or the DAO hack that noted the split of the Ethereum blockchain. This was done by the community and also developers to quit cyberpunks from taking tokens.

Charlie Lee added, “It sets a negative precedent that governments can come close to the foundations of developers and encourage them that this deal misbehaves since it’s sending out countless bucks to a terrorist team. So, nobody suches as terrorists however, for homes of sound money is necessary that transactions are unalterable.”

Presently, Ethereum cost is gliding far more than its peers. At the time of writing, ETH was trading at $194, down by 1.84 percent versus the United States dollar.

shekar

A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Penguincoinforum.

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