2024

David

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Ripple CTO&nbsp;<a href="https://x.com/JoelKatz/status/1759701512891285681?s=20" rel="noopener noreferrer nofollow">David Schwartz</a> has shed light on the burning of Ripple's XRP escrows, addressing concerns raised by XRP enthusiasts regarding the company's management of the cryptocurrency. With over 40.708 billion XRP currently held in escrow accounts, the community has been keen to understand the mechanisms behind the potential burning of these reserves.
Schwartz detailed Ripple's ability to achieve the effect of burning escrows by "blackholing" the associated accounts. He explained that Ripple could unilaterally enact measures to prevent XRP from these escrows entering circulation by effectively rendering the associated accounts inaccessible.&nbsp;
This response comes amid growing discontent within the&nbsp;<a href="https://u.today/xrp-community-has-no-desire-for-peace-cardano-founder-claims" rel="noopener noreferrer nofollow">XRP</a> community over Ripple's significant involvement with the cryptocurrency and its periodic release of XRP from escrow accounts on the first of each month.
<blockquote>
 If you define "burn the escrow" to mean "ensure that no XRP from the escrow can ever get into circulation", then Ripple could do that unilaterally by blackholing the account the escrow cancels into.— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1759701512891285681?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 19, 2024</a>
</blockquote>
The discourse surrounding the burning of XRP escrows has been amplified by recent controversies within the cryptocurrency market, including allegations of price manipulation by a crypto company through programmatic sales. These events have fueled the frustration of XRP enthusiasts, who perceive Ripple's actions as impacting the market environment and potentially devaluing the cryptocurrency.
The clarification provided by Schwartz offers insights into Ripple's approach to managing its XRP reserves and addresses concerns regarding the company's influence over the cryptocurrency.&nbsp;
While&nbsp;<a href="https://u.today/ripple-cto-fires-back-at-xrp-critics-heres-what-happened" rel="noopener noreferrer nofollow">Ripple</a> maintains control over the release of XRP from escrow accounts as part of its market management strategy, Schwartz's explanation underscores the complexities and considerations involved in the&nbsp;<a href="https://u.today/surprising-reason-behind-stellar-xlm-and-xrp-price-correlation-unveiled" rel="noopener noreferrer nofollow">XRPL</a> ecosystem.

Ripple CTO Explains How 40.7 Billion XRP in Escrow Can Be Burned

U_Today

Otros artículos publicados el 20 feb 2024

Expert predicts Ripple vs. SEC case judgment timeline

Altcoin Holders Sitting on Massive Unrealized Gains: Santiment Data

MetaMask Experiences Rapid Growth in Active User Base

Polygon (MATIC) Price Reaches $1 – These Analysts Predict $2 Could be Next Target

Tyr Capital’s legal battle reveals crypto industry risks from FTX exposure

Celestia (TIA) Investors Eye Key Price Levels as Volatility Looms

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!