Ripple Boss Dismisses XRP Critics Over Decentralization Debate
However, a senior official from Ripple has dismissed the critics stating that they are guided by an economic motive.
XRP Is Fully Decentralized, Ripple Boss Maintains
Ripple boss Brad Garlinghouse has maintained that the XRP crypto is decentralized. This comes after William Hinman, a SEC official said that ether was not a security under US laws. He said that ether has never been decentralized since it hit the market. To evade the same fate of being considered a non-security, Ripple has come out to clarify current XRP status.
According to Garlinghouse who was speaking during a Ripple event in San Francisco, the system is decentralized since as a CEO he has no ability to manipulate the XRP ledger. He pointed out that Ripple insiders cannot alter a transaction. Garlinghouse noted that any interested party can play any role in the XRP ecosystem. He pointed out that by now, the XRP ecosystem will have been abandoned just in case management tampered with it.
He went ahead to compare XRP with bitcoin. He stated that XRP is highly decentralized compared to bitcoin. This claim was earlier made by Ripple CTO David Schwartz. To back his claim, Garluinghouse stated that mining hash power for bitcoin bends towards centralization in a given number of mining bases.
Why Critics Think XRP Is Not Decentralized
However, a section of critics have acknowledged that from a geographical point of view, bitcoin mining is centralized but for XRP, ownership is controlled from one base. Their argument is backed by the fact that Ripple still posses XRP cryptos despite selling the tokens for a number of years. Additionally, they argue that when XRP was unveiled, owners possed all the XRP tokens. Recently, Ripple placed its stock in escrow. The holdings are set to be dispensed on a monthly basis.
Garlinghouse, however, dismissed the critics accusing them of being motivated by an alleged economic interest to front their argument. He said they are spreading false information. He maintained that Ripple relates with XRP the same way Amazon is investing in TCP and IP. He urged the critics to look into facts before issuing any public opinion. He did not clarify about the economic interests XRP critics were pushing for.