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] creator Charlie Lee lately shared his sights on the fundamental value of cryptocurrencies at the Blockchain Cruise Ship Conference. He discussed the top 2 cryptos by market cap– Bitcoin [BTC] and also Ethereum [ETH]– together with his Litecoin job.

Lee explained that Ethereum lacks the immutability feature that exists in both Litecoin and also Bitcoin. This puts the ‘smart contract’ task at an adverse placement as purchases can be altered in future, BitcoinExchangeGuide reported.

However, it is to be kept in mind Litecoin as well as Bitcoin purchases could also be reversed, however at a very expensive margin. The fees vary substantially from each various other– for Litecoin, it is more costly than Bitcoin. Lee explained that Bitcoin is a better choice for huge purchases while Litecoin is more suitable for smaller sized purchases.

He is of the sight that the ETH task is extremely ‘security drivened’ as well as censorship-resistant. “It’s hard to see specific transactions but the issue with Ethereum is, we have currently seen it, we have actually already shown as well as verified that purchases on Ethereum is not immutable for a lot of situations it is,” he stated.

To support his point, he offered the example of Ethereum Classic [ETC] fork or the DAO hack that marked the split of the Ethereum blockchain. This was done by the community and also programmers to quit hackers from stealing symbols.

Charlie Lee included, “It sets a bad precedent that governments can approach the foundations of designers as well as convince them that this purchase is bad because it’s sending out numerous bucks to a terrorist group. So, no one likes terrorists but also for residential or commercial properties of sound money is essential that transactions are immutable.”

Currently, Ethereum cost is sliding far more than its peers. At the time of composing, ETH was trading at $194, down by 1.84 percent against the U.S. 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 Cryptoheed.

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