Ethereum lacks immutability feature: Litecoin founder Charlie Lee
Litecoin [LTC] founder Charlie Lee recently shared his views on the fundamental value of cryptocurrencies at the Blockchain Cruise Conference. He discussed the top two cryptos by market cap – Bitcoin [BTC] and Ethereum [ETH] – along with his Litecoin project.
Lee pointed out that Ethereum lacks the immutability feature that is present in both Litecoin and Bitcoin. This puts the ‘smart contract’ project at a disadvantageous position as transactions can be altered in future, BitcoinExchangeGuide reported.
However, it is to be noted Litecoin and Bitcoin transactions can also be reversed, but at a very costly margin. The charges vary significantly from each other – for Litecoin, it is more expensive than Bitcoin. Lee pointed out that Bitcoin is a better option for large transactions while Litecoin is preferable for smaller transactions.
He is of the view that the ETH project is highly ‘security oriented’ and censorship-resistant. “It’s hard to see certain transactions but the problem with Ethereum is, we have already seen it, we have already shown and proven that transactions on Ethereum is not immutable for most cases it is,” he stated.
To support his point, he gave 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 developers to stop hackers from stealing tokens.
Charlie Lee added, “It sets a bad precedent that governments can approach the foundations of developers and convince them that this transaction is bad because it’s sending millions of dollars to a terrorist group. So, no one likes terrorists but for properties of sound money is important that transactions are immutable.”
Currently, Ethereum price is sliding much more than its peers. At the time of writing, ETH was trading at $194, down by 1.84 percent against the U.S. dollar.
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