Ripple CTO Reveals Facts About Present XRP Burn Debate

2023-5-16 17:20

The Chief Technology Officer (CTO) of Ripple, David Schwartz, has provided valuable information about the ongoing debate surrounding the burning of XRP tokens.

The debate about burning XRP tokens has been hot within the XRP community, and Schwartz’s insights shed light on the XRPL’s governance structure and the decentralized nature of the network.

The discussion primarily revolved around the authority and decision-making process concerning the XRP held in escrow and the role of validators on the XRP Ledger (XRPL).

Burn Debate Insight From Schwartz

Schwartz highlighted the importance of understanding the fundamental principles and mechanisms behind the XRPL. He explained that the XRPL operates on a consensus protocol where validators, distributed across the network, play a crucial role in maintaining the ledger’s integrity. And validators are responsible for verifying transactions and reaching a consensus on the XRPL.

Regarding the burning of XRP tokens, Schwartz emphasized that the XRPL’s design does not include a built-in mechanism for burning XRP.

The CTO also stated that changes to the XRPL’s code are governed by a decentralized process, ensuring that all participants have a voice in determining the network’s future.

So altering the XRPL’s code to incorporate such a feature would require extensive consensus and agreement from the majority of validators, around 80%.

One of the key points raised during the conversation was the claim made by an XRP community member, suggesting that the XRPL would become a permissioned network if validators had the power to determine the fate of the XRP in escrow.

This statement sparked a significant amount of discussion within the XRP community, as the decentralized nature of the XRPL has always been a critical aspect of its design.

Regarding that, Schwartz clarified that while validators play a crucial role in the XRPL’s consensus process, the network’s nodes can accept or decline amendments voted into effect by validators.

This system ensures that the power to influence the fate of the XRP held in escrow is not concentrated solely within the validators’ hands.

Instead, it allows for a decentralized decision-making process that considers the perspectives and interests of various participants.

XRP Price Dips In Recent Days

Amid the discussion in the community, the token’s price has experienced a minor decline in recent trading sessions. Over the past seven days, XRP’s price has seen a marginal decrease of 0.56%, indicating a relatively stable trend.

Within the past 24 hours, the coin has witnessed a slight downward movement, with a decline of 1.36%. This modest dip reflects the current volatility in the token market.

Related Reading: DOJ Crypto Task Force Goes After DeFi Hackers As Illicit Activity Soars

The coin is changing hands at $0.422, with a market cap and a 24-hour trading volume of $21,883,129,482 and $765,847,908, respectively.

Featured image from Pixabay and chart from Tradingview.com

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 0.5229 (-0.14%)
Объем 24H $1.005b
Изменеия 24h: 1.47 %, 7d: 3.60 %
Cегодня L: $0.5227 - H: $0.5244
Капитализация $28.908b Rank 7
Цена в час новости $ 0.4221 (23.88%)

xrp debate ripple schwartz cto tokens burning

Источник: newsbtc.com

xrp debate → Результатов: 61


Ripple Expecting XRP Security Lawsuit from the SEC

The SEC is claiming that XRP is categorized as a security, so therefore the sale of XRP to its American investors should be viewed as the selling of unregistered securities. XRP Security Debate The CEO of Ripple, Brad Garlinghouse, disputes this claim by the SEC and thinks that XRP should not be categorized as a … Continued The post Ripple Expecting XRP Security Lawsuit from the SEC appeared first on BeInCrypto.

2020-12-23 13:24


XRP uses ‘securities-like language’, while Litecoin and Bitcoin stand clear, claims Crypto Rating Council

Will the real security please stand up? The debate around whether cryptocurrencies should be classified as “securities,” has been raging for the past few years. Heating up ever since companies began issuing their own “cryptocurrencies,” while distancing themselves from its inner governance, the case of what differentiates a company issuing an ownership share and a […] The post XRP uses ‘securities-like language’, while Litecoin and Bitcoin stand clear, claims Crypto Rating Council appeared first on AMBCrypto.

2019-9-30 15:08


Market Commentary: Altcoin Correlation To BTC Decreases, ETH And XRP Rise.

Bitcoin and the rest of the market is surprisingly linear today, with many altcoins registering modest gains as BTC remains range-bound. Ethereum and XRP in particular are showing strong gains.   How correlated is the crypto market? As experts debate the correlations between Bitcoin and gold versus the stock market, it’s interesting to look at […] The post Market Commentary: Altcoin Correlation To BTC Decreases, ETH And XRP Rise. appeared first on Crypto Briefing.

2019-9-18 18:42


Tiffany Hayden Claims XRP Price Will Eventually Catch Up With Development!

In a heated debate on Twitter, Financial advisor and XRP enthusiast Tiffany Hayden was embroiled in a discussion around the price of XRP. CCN News initially tweeted an article regarding PayPal Director Xapo CEO Wences Casares stating ‘One Bitcoin Could Exceed $1 Million in 7-10 years” The tweet caught the attention of many followers quite […] The post Tiffany Hayden Claims XRP Price Will Eventually Catch Up With Development! appeared first on ZyCrypto.

2019-4-16 09:50


Фото:

Op Ed: With Bitcoin, Anarchy Is the Point, Not the Problem

Last week, there was a panel at SXSW that was effectively a debate on the merits of permissioned blockchains versus permissionless systems like Bitcoin. I listened to the entire audio of the panel discussion, after Programming Bitcoin author Jimmy Song tweeted it out the other day, and I thought he did an awesome job of pointing out the key value proposition of Bitcoin and why it is not worth comparing to permissioned systems.

2019-3-23 17:29


Фото:

Ripple CEO and SWIFT CEO Meet in a Face-to-Face Debate in Paris.

After a long wait, crypto enthusiasts, and especially those attached to the XRP Army, were able to witness the debate between Ripple CEO Brad Garlinghouse and SWIFT CEO Gottfried Leibbrandt. Representatives of the two rival companies attended a panel called “Let’s Send the Money” as part of one of the events of the Paris FinTech […] The post Ripple CEO and SWIFT CEO Meet in a Face-to-Face Debate in Paris. appeared first on Ethereum World News.

2019-1-31 00:00


Did SWIFT “chicken out” of a debate with Ripple and how will this affect XRP price?

The long-awaited confrontation between Ripple and SWIFT that was scheduled to happen during this year’s Blockchain Economic Forum in Davos will apparently not be happening after all. Ripple’s official subreddit broke the news today, confirming that the CEO of SWIFT, Gottfried Leibbrandt, withdrew from his speaking role at this event’s round table conference on payment […] The post Did SWIFT “chicken out” of a debate with Ripple and how will this affect XRP price? appeared first on CaptainAltcoin.

2019-1-21 15:53


The Ripple Effect Debate Around XRP Being Considered a Security or Not Continues with the SEC

Ripple is a very popular and recognized company in the cryptocurrency industry. It has been in the market for several years and it has expanded all over the world. The XRP virtual currency has also reached the second position in the market surpassing Ethereum (ETH) and showed to be very resilient compared to others. However, […]

2018-12-18 07:15


Peter McCormack: “Bitcoin is a tool to separate money and state – Ripplecoin (XRP) is a company to make people money”

Debate around XRP and Ripple nomenclature, who was created first and if it is worthy of the name cryptocurrency are a daily errand on crypto twitter. Host of a very popular bitcoin podcast, Whatbitcoindid, Peter McCormack joined the list of XRP objectors, while even adding some extra flavor by coining a new name for XRP […] The post Peter McCormack: “Bitcoin is a tool to separate money and state – Ripplecoin (XRP) is a company to make people money” appeared first on CaptainAltcoin.

2018-12-9 21:59


XRP Supporter David Schwartz: Ripple, Bitcoin, Ethereum Blockchain Ledgers Win Over Centralized Systems

David Schwartz of Ripple participated in a debate by Money 20/20 in which he identified his stance on why blockchain technology is the ideal place for building new payment systems. Schwartz cited the traditional banking systems and recent YouTube outages to address how vulnerable a centralized system is. He also noted that security and governance […]

2018-10-25 23:51


Фото:

Ripple Introduces XRP Ledger (rippled) Version 1.1.0, Buckles up for Future Regulations

Ripple has found itself in the center of huge controversy, the cryptocurrency regulation debate in the US hit Ripple, with claims that XRP is a security. While the company has consistently argued against it, there seems no denying that the standard Securities and Exchange Commission (SEC)’s definition when used in the crypto market, will hurt […] Ripple Introduces XRP Ledger (rippled) Version 1.

2018-9-18 08:49


дальше еще 12 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts?

The bulls have continued to take a beating in the market, and XRP bulls, in particular, were recently in the spotlight as $1. 27 million was liquidated from their long positions. This 6,350% spike in long liquidations is likely due to XRP’s recent price action, highlighting the general sentiment in its ecosystem.