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David Schwartz, Ripple’s chief technology officer (CTO), confirmed that the company could be forced to burn billions in XRP if the community wanted to.
Ripple, a currency exchange network offering the XRP token, currently trading at $ 0.62, cannot be mined. There are 100 billion coins available, about half of which are held by Ripple.
At its all-time high, XRP was valued at $ 3.40. A breakout is expected to occur soon, pushing the price beyond the $ 1 mark.
On December 2, a Twitter user named “IKHOR” asked the CTO what Ripple’s reaction would be if all nodes, validators and the community “in general” accepted that Ripple’s collateralized XRP was to be burnt.
In response, Schwartz implied that majority rule would win such a decision.
“Yes. There would be nothing Ripple can do to prevent this from happening,” Schwartz commented. “Public blockchains are very democratic. If the majority wants the rules to change, there is nothing the minority can do to stop them.”
See also: IRS offers software grants to track privacy-focused cryptocurrency trades
Ripple’s executive previously explained that XRP could be burned “by paying it as a fee or by sending it to an account whose public key hash has insufficient entropy to have a matching private key that anyone could ever find”.
As noted by Coin Telegraph, Ripple has been criticized in the past for selling millions of tokens on a regular basis.
When asked how much XRP held the CTO personally, Schwartz said he holds “more than a million and less than 10 million”.
While congratulating the Ethereum community on the launch of the Beacon chain, Schwartz also reflected on the future of Bitcoin (BTC), saying: “Bitcoin must continue to evolve to avoid technological obsolescence”.
Over the past month, Bitcoin has experienced a resurgence near its 2017 high of nearly $ 20,000. At the time of writing, BTC is trading at $ 19,381.
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