XRP Ledger Gradually Becomes Decentralized, Ripple Validators Only Make Up 48% on UNL
For the longest time, many crypto investors have been bashing the XRP Ledger, as they perceived the relation between XRP Ledger and Ripple Labs to be one that defies the purposes of cryptocurrencies and blockchain technology. Another reason why investors felt the XRP Ledger followed a centralized system is due to Ripple’s recommendation of its Unique Node Lists (UNLs).
A feature home to the XRP Ledger, the UNL, as per Ripple themselves, is a “list of transaction validators a given participant believes will not conspire to defraud them.” To put it into a simpler context, it is a feature in which validators are consulted for every transaction made. Each participant has either the choice of picking a UNL provided by Ripple or creating their own. In addition, each participant also has the ability to change up the UNL, however they desire.
What efforts have been taken to decentralize the XRP Ledger? According to an AMB Crypto reporting, a 2:1 ratio will be implemented, that is, for every two new third-party validators that utilize the UNL feature, Ripple will remove one of its own validators.
As per the statistics that provide a breakdown of the number of validators as well as Ripple’s dominance, it appears that there are 21 validators, of which 10 are controlled by Ripple – depicting a 48 percent control over validator nodes.
A list of the third-party validators has also been revealed as well, which include a mix of global cryptocurrency exchanges, payment and micropayment providers, XRP service providers, and internet and tech firms. The following are the supposed validators for the time being: Bitso, Brex.io, Coil.com, the Rabbit Kick Club, XRP Tip Bot, Telindus Cloud, ATTokyo, Flagship, Bahnhof and WorldLink US.
As previously reported by Bitcoin Exchange Guide, Ripple continuously makes the necessary efforts to ensure that the XRP Ledger takes on the journey towards a decentralized system. At the time, the team involved were quoted saying,
“Decentralization if XRP Ledger is a process that started right at its inception and has been ongoing since. We intentionally haven’t rushed the process and have been making continuous progress all along.”
Do you think the pace at which Ripple is currently working towards decentralizing the XRP Ledger is adequate or needs more work? Share your thoughts below.