Elite

David

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/ripple-cto-responds-to-allegations-of-xrps-centralization-and-empowerment-of-the-elite/">“XRP Can Empower Anyone”: Ripple CTO Refutes Allegations of XRP Centralization</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a recent response on X, Ripple’s Chief Technology Officer, <a href="https://coinpedia.org/news/is-xrp-a-candidate-for-global-reserve-only-xrp-and-btc-attain-non-security-status-in-the-u-s-ripple-cto/">David Schwartz</a>, took the opportunity to address allegations made by a user regarding XRP’s blockchain protocol. The user had raised concerns, suggesting that XRP’s design was unduly centralized, favoring the top 1% of users.</p> 
<p>What did Schwartz have to say and what’s the entire controversy all about? Read on.</p> 
<h2 class="wp-block-heading" id="h-refuting-allegations"><strong>Refuting Allegations&nbsp;</strong></h2> 
<p>A user had asked “Can you conclude the patent that <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/">XRP</a> is created with a centralized design that will only benefit the top 1%?”. </p> 
<p>Schwartz, in a prompt and comprehensive manner, provided responses to all the allegations leveled against XRP’s supposed centralization. He left no stone unturned in dismissing these claims.</p> 
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   <p lang="en" dir="ltr">1.Does XRP really empower the top 1% who is controlling the main XRP system.<br><br>I'm not sure I understand this claim. The top 1% of what exactly? XRP empowers anyone who want to use the ledger to track the ownership and exchange of assets. What kind of control is he talking about…</p>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1706047316598423717?ref_src=twsrc%5Etfw">September 24, 2023</a>
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<h2 class="wp-block-heading" id="h-transparency-and-security-concerns">Transparency and Security Concerns</h2> 
<p>In light of concerns about the Department of Homeland Security (DHS) potentially hacking XRP, Schwartz contemplated the transparency of the ledger contents and the existing regulations governing XRP.</p> 
<blockquote class="wp-block-quote"> 
 <p>“I’m not sure what a hack of XRP would even mean…” he said. Is it a modification to the ledger contents that deviates from the rules?”&nbsp;&nbsp;</p> 
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<p>He emphasized that any flaw enabling unauthorized changes would not only be a significant concern but would also be swiftly addressed to prevent future exploitation.</p> 
<h2 class="wp-block-heading" id="clearing-xrp-s-name">Clearing XRP’s Name</h2> 
<p>Schwartz strategically refuted the claims, highlighting his understanding of the issue and questioning who precisely constitutes the top 1% and in what context. He underscored XRP’s decentralized protocol, which allows anyone interested in utilizing the ledger to track asset ownership and engage in trading.</p> 
<p>This Might Interest You: <a href="https://coinpedia.org/price-analysis/ripple-price-prediction-heres-when-xrp-price-may-hit-new-all-time-high-ath/">Ripple Price Prediction: Here’s When XRP Price May Hit New All-Time High (ATH)</a></p>

“XRP Can Empower Anyone”: Ripple CTO Refutes Allegations of XRP Centralization

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