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David Schwartz, CTO of Ripple, wishes to clarify the decentralized nature of XRP.
Ripple Labs, the parent company of the third largest encrypted market cap, Ripple (XRP), has been subjected to many accusations that its token is centralized and secure, rather than a true cryptocurrency. And while the company has always defended XRP by saying that these claims are false and that the Ripple network is not centralized, most of the encrypted world still needs to be convinced of this.
That's why Ripple's chief representative, David Schwartz,
Schwartz on decentralization
The definition of decentralization is quite clear, and the Merriam-Webster dictionary describes it as "dispersion or distribution of functions and Powers & # 39; While this seems simple enough, things can become a little more complicated when the concept is applied to the crypto world.The recent statement by David Schwartz also mentions this, and says that this concept is largely misunderstood.It also said that the concept is evolving, which makes its true meaning even more difficult to detect.
His report titled "The Inherently Decentralized Nature of XRP Ledger" is the attempt to Schwartz to explain things about the decentralization of XRP and potentially put a stop to various accusations of Ripple's centralized nature
He goes on to say that XRP is different from Bitcoin (BTC) and Ethereum (ETH), which use algorithms called Proof-of-Work (PoW) to reward coin miners for their transaction validation service. Ripple can not be extracted, and instead uses a special consent protocol through which validators verify transactions without rewards.
According to him, these validators are found all over the world and include exchanges, institutions and individuals. This makes the XRP register truly decentralized and democratic, as it does not provide anyone with full control of the currency.
Ripple's CEO confirmed this and supported Schwartz's post via Twitter when he also promised to talk about the subject himself during his next Ask Me Anything session (which has already been completed now).
. @joelkatz talks about TRUTH on Ledger XRP! Designed brilliantly to be intrinsically decentralized. More information on this during my AMA with @CoryTV at 3 pm (PT) today on https://t.co/OmzfxkPL6N https://t.co/IIcdA75bIt
– Brad Garlinghouse (@bgarlinghouse) 22 August 2018
Most decentralized XRP of BTC and ETH?
Schwartz then spoke of the alleged decentralization of Bitcoin and Ethereum, stating that up to 58% of the BTC network is controlled by the 4 large data mining pools at any time. Even worse, 57% of the ETH network is controlled by only three data mining pools. As such, it claims to be actually much less decentralized than Ripple.
Although the US SEC has stated that BTC and ETH are not titles due to the fact that they do not have central government authority, Schwartz argues that things are not that simple He also claimed that almost 80% of assets mining of BTC comes from a single country: China. In this way, Bitcoin could actually be manipulated by a government. He even warns that there is a real danger that the two best encrypted can surrender victims to 51% of the attacks and possibly have fraudulent transactions.
So, there is Ripple, who needs 80% of his total validators to constantly support changes over the period of two weeks before something new is applied.
In addition, XRP only manages 10 out of 150 callers who are currently in charge of validating transactions. When it comes to changing things on the network, each validator has only one vote to pass. In the end, Schwartz said that Ripple is controlling XRP much less than China is controlling BTC.
Finally, he stated his last reason, which should convince everyone that Ripple is truly decentralized, and this is the fact that its users need to select UNL (Unique Code List).
This is basically a list of validators that users trust and have chosen for themselves. In this way, users are free to choose anyone as their validator, instead of receiving someone assigned to them randomly or by choice of company. With this in mind, he states that Ripple is, and always has been, nothing less than intrinsically decentralized.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct a thorough research before investing in any cryptocurrency and read our complete disclaimer.
Image courtesy of Brandon Mowinkel via Unsplash
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