Discussions surrounding the decentralization of XRP have intensified following comments by attorney John Deaton, who dispels common myths about Ripple.
Myths About Decentralization
John Deaton, an attorney and active supporter of Ripple, commented on the widespread belief that the concentration of 40% of XRP tokens in one company renders the network centralized. He argues that it is unfair to judge decentralization based on the amount one entity holds and that the number of users utilizing the platform is more telling. According to Deaton, 75,000 holders from over 140 countries have joined his amicus motion, underscoring the widespread nature of the XRP community.
How XRP Ledger Works
The XRP Ledger operates not on mining but utilizes a consensus model where validators, many of whom are not directly connected to Ripple, must agree on transactions. David Schwartz, Ripple's CTO, emphasizes that these validators do not get paid and work independently, making it challenging for anyone to seize control of the network. While Ripple can suggest changes, like any other validator, it cannot implement them without the majority's approval.
Future of XRP and Its Community
As the legal and political future of one of the most discussed tokens in the crypto space continues to unfold, the conversation about decentralization goes beyond Ripple's corporate structure. The focus is currently on how much control exists on-chain and who possesses that control. As discussions around XRP's future persist, the topic of decentralization remains significant for all stakeholders.
The debates surrounding XRP's decentralization highlight the importance of distinguishing between the token and the network itself. The XRP community continues to grow, and discussions about its future are crucial for all participants.
