David Schwartz of Ripple recently addressed charges made by a member of the X social media network (formerly Twitter) on Twitter.
The user made a centralised, disproportionately powerful, and wealthy claim about the protocol underlying the XRP cryptocurrency.
In his lengthy rebuttal, Schwartz, the CTO of the San Francisco-based blockchain powerhouse, carefully disproved each assertion.
Elite enrichment?
Schwartz emphasised that XRP is designed to let anybody wishing to use the ledger for monitoring the ownership and trade of assets, rejecting the charges of centralised enrichment. He asked, “The top 1% of exactly what? Anyone who wishes to utilise the ledger is empowered by XRP.
The Ripple executive categorically rejected the idea that the protocol was developed in a way that only benefited the protocol’s elite holders. He emphasised the applications of XRP’s accessibility and universality.
On the possibility of hacking XRP
Schwartz discussed the transparency and openness of the ledger contents as well as the regulations regulating XRP in answer to a query regarding the likelihood that the Department of Homeland Security (DHS) may hack into XRP. I’m not even sure what a hack of XRP would signify, he said. Does it imply a modification to the ledger’s contents that breaks the rules?
He continued by explaining that any potential defect that permitted unauthorised alterations would not only be a serious problem, but it would also be quickly repaired to stop any further exploitation.
