Recent comments from Custodia Bank CEO Caitlin Long about XRP Ledger have sparked new debates in the crypto community. Despite her criticisms, Ripple's CTO David Schwartz defended the platform.
The Centralization Issue of XRP Ledger
Caitlin Long characterized XRP Ledger as both centralized and outdated, which has led to dissatisfaction among banks. She believes that Ripple has failed to establish a global payment standard over the last decade. Key issues arise from the pre-mined 100 billion XRP tokens, with 20 billion belonging to the founders and 55 billion held in escrow since 2017. These factors, along with the SEC lawsuit, are at the core of the centralization debate.
David Schwartz's Responses to Criticism
In response to the criticism, David Schwartz used social platforms to engage with the community, inviting open discussions. He emphasized that most validators operate independently from Ripple and noted that the initial low value of XRP influenced its distribution. Schwartz also pointed out that the RLUSD was developed to demonstrate the potential of smart contracts on the platform, which some speculate could lead Long to engage in a public debate.
Conclusion and Future of XRP Ledger
Debates about the centralization of XRP Ledger continue to gain momentum, showcasing the complexities and challenges faced by the platform in the evolving crypto landscape. Interest in dialogue between Ripple supporters and critics remains strong, and despite the criticism, the community continues to focus on further developing XRP Ledger as a promising technological platform.
The discussions surrounding the centralization of XRP Ledger and Ripple's future strategy remain relevant and suggest the potential for significant changes ahead.
