The global payment settlement-focused Ripple company’s Chief Technology Officer (CTO) emphasized the difference between Ripple Inc & XRP. While Mr. JoelKatz is working for Ripple & Brad Garlinghouse is the CEO, the company’s native crypto is living its own life since issuance.
Ripple CTO Fires Back At XRP Centralization Critics
David Schwartz also denied the possibility of minting new XRP coins on-chain, as the XRPL Ledger doesn’t have any “rivalrous features”, such as hidden backdoors to mint extra coins – a scarecrow for any decentralized finance (DeFi) enthusiast. “All the XRP that will ever exist was created when the ledger was created”, – stated Ripple’s CTO.
The heated debate kicked off when Conor McGregor, the two-times UFC Champion, asked his audience to decipher the myths surrounding decentralized blockchains. “A lot of people are telling me that BTC and ETH are the only truly decentralized networks”, – states the Notorious MMA’s message, asking why the U.S. government should buy XRP, SOL & ADA if that was the case.
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In truth, the chain’s decentralization or centralization mostly relies on the quantity of validator nodes. Similarly to Bitcoin (BTC), anyone can technically run a decentralized XRPL node. With over 1,000 XRP Ledger nodes worldwide, there’s 33 of them needed to confirm a transaction.
Besides, the effort to distance from centralization hazards has manifested in an all-time high of 6.5 million crypto wallets, with 5.2 million holding small balances of XRP. On the other hand, the XRP rich list includes the escrowed 42% of circulation, which Ripple releases over time until the max supply of 100 billion is hit.
On The Flipside
- Ripple has gradually reduced control over the XRP ledger, transferring validator rights to independent businesses, universities, exchanges & independent crypto connoisseurs.
- Critics claim that Ripple’s Unique Node List (UNL) adds bias to the network due to a recommendation of trusted validators, so Ripple’s recommendations often carry weight.
Why This Matters
The nuanced topic of decentralization among altcoins when compared to BTC has arguments on both sides. However, it’s possible to make the chain originally issued by a particular company decentralized if the right technical improvements are done.
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