Ripple CTO: ‘For The Very Last Time, Ripple Absolutely Does Not Control XRP’
Ripple CTO: Ripple Does Not Control XRP
How decentralized XRP actually is? Not a lot, many people would say. The CTO of Ripple, David Schwartz, is ready to disagree, though, as he believes that the XRP community is very decentralized and independent from Ripple.
The debate is not new. Ripple owns a ton of XRP tokens and it uses them for all its products like the xRapid products. Because of this, many people associate XRP directly with Ripple. However, during a recent new session at Quora, Schwartz has affirmed that the company is not pulling the strings on the crypto.
According to him, the XRP Ledger could work even if Ripple was to vanish overnight. There is a dedicated community of developers working on this open source project and they are self-sustainable.
The defense of the CTO consists mostly of three arguments. He affirmed that the XRP Ledger can continue to work even without Ripple’s products, that investors who own XRP do not have stakes on Ripple and that it is a decentralized network since less than ten of the 750 validators in the network are actually from Ripple.
Schwartz affirmed that the company is very interested in making the whole network even more decentralized right now. However, he believes that the people who are the real stakeholders in the network are the token holders and the validators, not Ripple, despite holding many tokens.
He went to differentiate Ripple from XRP stating that there are some misunderstandings which continue to happen in the community even after all this time. For instance, that the two are the same thing or that XRP necessarily depends on Ripple, which is not the truth, in his opinion.
The company even put 55 billion of XRP tokens in an escrow in order to reduce its influence, so he believes that one could not fairly accuse Ripple of controlling the network.
Schwartz Affirms That XRP Can Be Used For More Than Only Cross-Currency Payments
Schwartz also took his time to talk about more than only how decentralized Ripple is. For instance, he also talked about how XRP could be used to make quick payments since it has low fees and it is quite fast. According to him, the content creator industry could be very beneficiated from the token.
Other examples which were used by him were to use XRP as a liquidity provider for third parties and in crypto wallets and gaming. In fact, he believes that the token can be used for several services.
Cross-border and cross-currency payments are the most popular choices because the XRP technology is really effective for using them, however, there are many of these uses and they can be just as important as the more popular ones.
Also, he talked about how new features are set to be implemented in the XRP Ledger in the coming years and how many of these features could make Ripple be even more versatile than it is at the moment.
Schwartz: IBM And Stellar Partnership Misses The Point
The CTO also spoke about the partnership that the tech giant IBM recently started with Stellar, one of Ripple’s competitors for cross-border and cross-currency payments. He said that the partnership completely “misses the point”.
He criticized how IBM and SWIFT do not solve the centralization issues while trying to innovate. For instance, if IBM has the power to validate the Stellar validators, it has control of the network.
Some people may say that he sounded like a hypocrite talking about decentralization when Ripple is so centralized, but that’s for you to decide.