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Ripple’s CTO confirms that community decision could lead to burning 50 billion XRP

Ripple's CTO confirms that community decision could lead to burning 50 billion XRP

One of the original architects of the Ripple network, David Schwartz has confirmed that the community decision with hold great ordeal in terms of public blockchain, Ripple. Furthermore, the Ripple’s CTO reiterated that the community could decide upon burning the entire XRP lot along with the one in Ripple’s escrow.

In a twitter thread, David Schwartz informed about how public blockchain are “very democratic”. Therefore, if the majority of the community wants to carry forward the decision then the stance of the minority remains unimportant.

Yes. There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them.

David Schwartz, Ripple CTO on Twitter

Community’s Authority over Ripple’s XRP

This conversation ignited from the Twitter thread in which Schwartz congratulated the community on the launch of Ethereum 2.0 Beacon Chain. A community member on Twitter called IKHOR (FIAT-Limpator) with the username @ethanjames0394 raised his concern regarding the authority of the nodes, validator and community in the Ripple Network. It seems that he felt the Ripple community were powerless in terms of carrying out the decision. However, with Schwartz comment, the Twitter user was relieved of his concern. He further went on appreciating Ripple for its solid tech shack and its entrepreneur trying hard to serve the best to the community.

Regardless of this, Ripple currently owns 50% of the total XRP in circulation in its escrow account. The company is known for refuted claims of price manipulations. However, it seems to have stopped its tactics in recent times. Moreover, in respect of XRP amendments, it requires 80% approval rating from its validators.

In an interesting reply, Jed McCaleb, Stellar co-founded rebuked saying that Ripple could knock down as many tokens they want. Schwartz went on admitting that it could be done through traditional mechanisms in terms of paying fees or transferring it to an account that remains inaccessible.

Ripple gains momentum in terms of price appreciation.

One amongst the famous altcoins, Ripple has shown tremendous return by surging over 80% in a week. XRP shows an upward trend currently standing at 0.61 USD at the time of publication. Ripple has been making headlines for various reasons lately. Additionally, it recently cashed out its investment from the crypto payment company, Moneygram. Also, Ripple is ambiguous about transferring its headquarters from the USA owing to regulatory concerns. Since the tables turn in the US, it will be exciting to watch if Joe Biden’s chair would successfully retain Ripple’s headquarters in the US.

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