Report: Ripple CTO Dismisses Criticism, Claims Discrepancy was due to a Lifetime Issue
Amid the ongoing criticism facing Ripple’s quarterly report, which became a common knowledge after a CoinMetrics report stated that it realized a lot of discrepancies between what Ripple reported publicly and what was evidently visible on the XRP ledger.
Consequently, Ripple CTO refuted the allegation stating that it was due to an issue.
The report by CoinMetrics stated:
‘’Two quarterly markets report under- reported the number of XRP released from escrow by a total of 200 million XRP ($ 84 million at current prices’’
Furthermore, the report alleged that the escrow queue which entails the detailed information on ‘when’ and ‘how much’ XRP was released from the escrow, was implemented differently than previously announced.
Coinmetrics also reported that the future release of XRP into the market was also tweaked as it was announced faster than the initial timetable.
Refuting the heap of allegation by CoinMetrics, David Schwartz, the CTO of Ripple and one of the brain behind the XRP, stated that:
‘’Regarding the chatter about reporting methodology around XRP escrow in @Ripple’s quarterly XRP markets Reports: this is simply a timeline issue’’.
Schwartz explained further that the timeline was tweaked in 2018 so as to reflect the transactions that transpired in each month of the quarter rather than linking the returns to the date of the initial escrow release.
To further express the concern of the company to the public, Schwartz took to social media application Twitter to explain certain points. He tweeted:
‘’ We plan to add some additional language in our continued effort to be the most transparent in the industry’’.
Social media went agog after the tweet, with many tweeps, expressing divergent opinion on the position of Ripple. A tweep with the twitter handle @Stevezajac3 said:
‘’ A scam is a scam. Tokens made out of thin air is not a true crypto in any shape or form. Just a nice way to print free money, gotta give it to ripple though. They have created a new central bank by selling their shitcoin to fools who keep buying it up thinking they gonna rich’’.
In related news, the CEO of Ripple Brad Garlinghouse stated that XRP was originally built to remove the flaws of Bitcoin and it is a thousand times faster and cheaper per transaction compared to Bitcoin. Bitcoinexchangeguide earlier in the month reported that the Chief Executive Officer of Ripple spoke at the 9th conference of the International Monetary Fund for Swiss National Bank on the topic:
‘’ Past ,Present and Future of the International Monetary System’’.
The cryptocurrency and technology expert cleared the air on certain issues, stating clearly that Ripple is not in any way focused on the central bank digital currency issuance, rather the need for global interoperability.
He also supported the use of Blockcahin technology in financial institutions, stating that blockchain technology can make the disruption of securities, payments and even loans more effective.