In the last session of Ask Me Anything [AMA] for the year from Ripple’s end, Brad Garlinghouse, the Chief Executive Officer [CEO] of the company answered questions on securities, the regulatory framework and working with regulators, the performance of xRapid and the centralization in the XRP ecosystem. According to Garlinghouse, XRP is clearly a decentralized digital asset and labeled the claims of XRP being centralized as “FUD”.
As the leader of the parent company that gave birth to XRP, he stated that Ripple runs seven validators that makes up for about four percent of the public validators by any measure. He also opined that the XRP ledger is more decentralized than the Bitcoin [BTC] or the Ethereum [ETH] ledger. Adding a statement to back it up, he said:
“The XRP ledger is more decentralized to the Bitcoin ledger or the Ether ledger where you have a very small number of miners controlling… Well it passed 50% mining power. So we’re excited about the progress we’re making.”
Subsequently, he conveyed that the best way for Ripple to demonstrate XRP is a decentralized digital asset is to keep executing and ignoring the “FUD” spread around the cryptocurrency space. In his closing words, he stated:
“I think it’s [ignoring FUD] hard because the ecosystem still has a lot of it but we’re gonna keep doing what we’re doing and I think we’d be very transparent with our strategy with our execution and we’re gonna continue to do that.”
Since the beginning of the creation of XRP, the centralization in the ledger has been of great controversy for the ecosystem as well as the company that created it – Ripple. One reason for this approach states that the holdings of XRP by Ripple in large amounts lead to the majority of control in the ecosystem being concentrated within the company.
However, Ripple has refuted these allegations by clarifying that their holdings are locked up in escrow accounts using smart contracts.
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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.