XRP & XRPL decentralization gets challenged, Ripple’s former and current top managers provide their points of view
The Decentralization Of The XRP Ledger And The Cryptocurrency That Powers It Is A New Controversy Over XRP emerged And it is going on since last two days. Arguments for Daubers’ research were presented by Matt Hamilton, Ripple’s former director of development, and David Schwartz, the company’s current CTO.
Main points
Responding to the thesis that being a zero revenue generating blockchain, XRPL cannot offer validators earnings, which discourages independents from participating in the network. The lack of earnings generates a lack of independent validators, which poses the threat of XRPL being taken over by Ripple and affiliates, said a doubting user.
Hamilton agreed that blockchain has zero revenue, which makes it decentralized because the interests of validators and users are aligned. In order to handle the network through subordinate validators, the company’s former lead developer said that Ripple only controls its list of unique nodes (UNLs). If Ripple attempted to “take over” other validators, however, other nodes would kick them out of their UNL.
David Schwartz responded to another argument regarding the amendments validators may try to bring to a vote. It was stated that if validators successfully vote for a change and the nodes do not agree, they simply separate from each other, i.e., a fork occurs. This question was on the subject of where more XRP can be created on one side by voting, and in the same way a vote to burn all the XRP held by Ripple can happen.
Ripple’s holding in XRPL
As reported by U.Today, the XRP Ledger Foundation removed two Ripple-controlled validators and added one in early October. At the moment, Ripple reportedly controls 2 out of 35 validators, or less than 6% of all capacity. Meanwhile, the company has 44 billion XRP in escrow accounts.
