Ripple CTO: XRP is more decentralized than Bitcoin
A new post by one of the Ripple executives regarding the degree of decentralization of the XRP cryptocurrency they developed sparked community outrage shortly after it was published. According to Ripple CTO David Schwartz, the XRP token is “decentralized in nature.” Writes about this Bitcoinist.
“Bitcoin and Ethereum are currently viewed as the gold standard for decentralization. They are supposed to be designed so that no individual or minority group can dictate their own rules or rewrite the history of transactions (which is the main advantage of the blockchain), ”he wrote. “Since these blockchains are considered decentralized, the XRP ledger is by definition as decentralized as, if not more, than Bitcoin and Ethereum.”.
Recently, Schwartz and Ripple CEO Brad Garlinghouse have given several controversial comments in response to criticism from the community, which questioned the degree of XRP decentralization and its security characteristics. Among other things, Ripple tried to distance itself from XRP, stating that there is no direct connection between the company and the cryptocurrency, since the latter can exist without outside help..
Popular Twitter commentator WhalePanda summarized the reaction to Schwartz’s latest statement. “Ripple is trying to take one small aspect of decentralization (validation) and tell the tale of how decentralized they are,” he wrote. “All this is done in order to enter new and larger exchanges, simultaneously raising their prices and trying not to lose their place on other exchanges.”.
Why are Ripple supporters so concerned about decentralization when it is a centralized altcoin with a premine that has been centralized so much that part of its history has been lost forever?
“The topic of decentralization in blockchain is nuanced, misunderstood and, frankly, evolving,” added Schwartz. “The XRP ledger is, in many ways, more functional and decentralized than the Bitcoin and Ethereum blockchains, and this difference will only deepen over time.”.