The discussion about Ripple and the degree of decentralization of the XRP Ledger (XRPL) remains a sensitive subject within the crypto community. Bitcoin proponents in particular remain critical of the alleged control that Ripple would exercise over XRP. Recent statements, including from Pierre Rochard van Riot Platforms, have again fueled this discussion.
Criticism of Ripple
Pierre Rochard expressed sturdy criticism of Ripple and claimed that the company is theoretically able to forget the XRPL software, adjust Escrow locks, or even create and sell large quantities of extra XRP to generate turnover. According to Rochard, this degree of control undermines the decentralization of XRP and entails the risks for the ecosystem.
Response from David Schwartz
David Schwartz, the Chief Technology Officer (CTO) of Ripple, responded to these allegations. He emphasized that the XRPL has indeed been decentralized and that Ripple cannot make unilateral changes.
Schwartz explained that the XRPL works on the basis of a consensus algorithm instead of a proof-of-work mechanism. As a result, validators have no financial incentives to manipulate the system. Moreover, Ripple cannot make changes without a broad consensus of the validators on the network, which he believes that the company has no absolute power over the XRPL.
Legal arguments and trademark discussion
In addition to the technical issues, the legal side of the discussion was also discussed. Rochard suggested that Ripple’s trademark registration for XRP gave the company a disproportionate influence on the ecosystem.
SCHWARTZ RESIDENated this and stated that a trademark registration is not equivalent to control over a blockchain network. He compared the situation with Bitcoin, where the trademark has no influence on the functioning of the network.
Conclusion
The discussion about the decentralization of the XRP Ledger remains polarizing. According to David Schwartz, Ripple’s influence on XRPL is more limited than critics claim, but skeptics such as Pierre Rochard continue to question the degree of decentralization. How this discussion develops further will depend on future developments and the perception within the crypto community.
Claim € 10 free today and do not pay trading costs over the first € 10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Only deposit € 10 and receive € 10 free of charge. Moreover, you can act without costs for 7 days over your first € 10,000 in transactions. Start today and take advantage of the growing popularity of Crypto!
Make your account and claim € 10 for free.
Don’t miss this opportunity to take advantage of the growing popularity of Crypto!
Source: https://newsbit.nl/ripple-en-decentralisatie-discussie-over-de-invloed-op-xrp-ledger-laait-op/
