Unless you’re new to the crypto space, you’ll probably be aware of the debate surrounding Ripple’s centralisation. It’s somewhat of a controversy between XRP enthusiasts and just general fans of crypto and is something that we could do with a definite answer to. Investors in XRP have threatened to instigate a hard fork if Ripple did not stop getting involved with the XRP market. This came even after the Ripple CEO tried to calm everyone down during this fiasco.
Now, the Chief Technology Officer of Ripple, David Schwartz took to Twitter to express his thoughts where he said he is concerned to a certain degree about it but he can’t talk a lot on the topic because he can’t speak “freely and honestly”. Schwartz does go onto say that he is working on ideas for the improvement of the XRP ledger through - specifically on decentralisation and security.
The CTO adds that Ripple’s strategy is to boost the inter ledger protocol (ILP) which was created to facilitate seamless payments across payment networks.
Schwartz has said:
“The big picture strategy hasn’t changed. Work with the ILP community to position ILP as the TCP/IP of value – a neutral, simple protocol that can support any kind of value on any ledger. Work with the XRP community to position XRP as the best currency to use with ILP.
The XRP ledger proposals that I’ve been working on the most fit into that strategy. They improve decentralization, reliability, security, performance and ILP interoperability.”
A lot of investors aren’t all that happy that Ripple controls more than half of the overall XRP supply (hence the centralisation argument).
Schwartz shares these worries as he has stated:
“I am concerned about XRP distribution. I just have to be more careful about what I say for somewhat obvious reasons and when I can’t talk freely and honestly about something, I generally prefer not to say very much at all.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!