ForexMinute.com – In the wake of the recent theft of millions of VeriCoins from cryptocurrency exchange MintPal, Litecoin creator Charles Lee recently took Reddit to convey his views on the matter. The celebrated developer eventually went against the idea of hardforking the entire VeriCoin network, as proposed and implemented collaboratively by MintPal and VRC developers.
“It is not in our rights to decide which coins belong to whom,” quoted Lee while explaining how such rules are set forth since the genesis block, and should not be changed at any cost. “If a theft happens on top of the network, the developers will not fork the coin to reverse any transactions. It is up to the market to decide on how to handle the theft,” he added later.
Lee meanwhile also proclaimed Litecoin as one such cryptocurrency that will never see such a day, in which it is needs to be hard forked under the pressure of some theft. He also took the responsibility of securing the Litecoin network, while ensuring its user-friendliness and efficiency as well.
He also didn’t miss a chance to take a pot-shot at Proof of Stake system, saying that the thief probably had a lot of stakes in the VeriCoin network before he breached MintPal. “So the VeriCoin [developers] almost had to do this to prevent future attacks on the coin,” he added. “This is why I don’t believe PoS [to be] a viable alternative to PoW.”
And the man indeed pointed out a strong void in the securities of PoS based cryptocurrencies. PoS only coins are unsecured because they choose energy efficiency over security. The coins’ developers should make this their duty to educate people about the pros and cons of PoS coins. Otherwise, we would definitely be seeing a lot of such incidences in future, embarked first with VeriCoin.
To contact the reporter of the story: Yashu Gola at email@example.com
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