The global payment settlement-focused Ripple companyโs Chief Technology Officer (CTO) emphasized the difference between Ripple Inc & XRP. While Mr. JoelKatz is working for Ripple & Brad Garlinghouse is the CEO, the companyโs 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 doesnโt have any โrivalrous featuresโ, such as hidden backdoors to mint extra coins – a scarecrow for any decentralized finance (DeFi) enthusiast. โAll the XRP that will ever exist was created when the ledger was createdโ, – stated Rippleโs CTO.
The heated debate kicked off when Conor McGregor, the two-times UFC Champion, asked his audience to decipher the myths surrounding decentralized blockchains. โA lot of people are telling me that BTC and ETH are the only truly decentralized networksโ, – states the Notorious MMAโs message, asking why the U.S. government should buy XRP, SOL & ADA if that was the case.
Sponsored
In truth, the chainโs 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, thereโs 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 Rippleโs Unique Node List (UNL) adds bias to the network due to a recommendation of trusted validators, so Rippleโs recommendations often carry weight.
Why This Matters
The nuanced topic of decentralization among altcoins when compared to BTC has arguments on both sides. However, itโs possible to make the chain originally issued by a particular company decentralized if the right technical improvements are done.
Delve into DailyCoinโs top crypto news:
Celestia (TIA) At $10? Major Liquidity Injection Is Coming Up..
Bybit Sees 2T PEPE Token Withdrawal: Whatโs Behind The Move?
