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In a recent tweet, TokenPay (TPAY) decided to once again recall all their charges against Neo (NEO) and centralized XRP.
FLASHBACK to when $ NEO was $ 120 and #Crypto Twitter hated us for telling the truth. 🤐 https://t.co/WBbH1mAr1m
– TokenPay (@tokenpay) 15 August 2018
TokenPay arrives after XRP and NEO again
TokenPay had made many titles in March when they claimed that Ripple and Neo are actually centralized coins. According to them, the NEO Foundation has full control over the NEO and all its nodes. At the time, they claimed to have received much hatred for having said it. However, it seems that TokenPay now believes that everyone should be able to see that they were right.
Decentralization is one of the key aspects of any real cryptocurrency, especially considering that the only reason for their existence was to take power away from companies, banks and other financial institutions. However, with the increase in the number of criptos due to their popularity, it would appear that not all cryptocurrencies have chosen to comply with this rule.
With such a situation, much of the cryptic community worried about centralization and decentralization problems. It would seem that everyone agrees that encryption and blockchain projects must be decentralized. However, since there is a legitimate doubt about some of these projects, Ripple and Neo, in particular, many have opted to state that they are not even true cryptocurrencies.
Ripple and Neo are real encrypted?
The argument against NEO and XRP is based on the fact that they are not regular design cryptocurrencies. As such, they are not compatible even to be considered true cryptos. Many argue that the development of Ripple and the progress of its technology are not for the benefit of the crypto community, but for the benefit of its partners.
Considering that Ripple works primarily with large banks and financial institutions like Santander Bank and American Express, many believe it was created to allow banks to remain relevant in the new crypto era. Considering that encryption extraction is actually a process of transaction validation and Ripple can not be extracted, someone else must be responsible for validating their transactions. This is one of the major topics of money that is effectively centralized.
Another argument against Ripple concerns his blockchain. The blockchain is not open. This is unusual for a cryptocurrency, and almost all other coins out there have a completely open blockchain. For this reason, XRP was condemned by blockchain and crypto enthusiastically alike.
With a negative attitude towards increasing Ripple and XRP, significant efforts have been made to make the blockchain as decentralized as it is currently possible. The current number of XRP validators is 68, and this is their number after Ripple which allowed some new ones to join. It is largely believed that this happens due to constant criticism of its centralization.
As stated, the XRP register currently has 68 validators, 21% of them being Ripple. Although this is not yet full decentralization, it is still evidence that the currency is moving towards a decentralized state. At the same time, this move allows Ripple to leave the SEC's attention. Voluntarily or not, the currency must achieve decentralization if it wants to remain relevant, and as such, still has the potential to become a true crypt in the eyes of its detractors.
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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 your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
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