By Solomon Odunayo
Ripple CTO David Schwartz has recently pointed out that the XRP community could force Ripple to burn the over 50 billion XRP in its custody.
As it’s generally known that Ripple, the cross-border payment firm, owns over 50% of the total supply of XRP.
However, the company has claimed that its activity of moving the cryptocurrency cannot negatively impact the price of the digital currency. Despite this widely publicized clarification, Ripple continues to face criticism for its routine sales of the third-largest cryptocurrency, XRP.
Read Also: Ripple’s CTO David Schwartz on What Can Cause XRP to be Created, Destroyed, Frozen or Locked Out
XRP Community Could Force Ripple To Burn Its Massive Trove of XRP Holdings
On 2nd December 2020, a cryptocurrency community member on Twitter asked David Schwartz whether the nodes, validators, and community members of the XRP Ledger could make Ripple burn its over 50 billion XRP.
“If Nodes, validators and the community at large got together and we agree that its better for the community to burn the 50 billion XRP ripple has in escrows would that be possible?”
In response to the question, the Ripple CTO wrote:
“Yes. There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them.”
Yes. There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them.
— Lord David Schwartz (@JoelKatz) December 2, 2020
Read Also: David Schwartz: I Will ‘Almost Certainly’ Buy XRP If Not Involved With Ripple
It’s worthy of note that XRP Ledger amendments require an 80% approval rating from the ledger’s validators. If an amendment stays above that threshold for two weeks, it is activated.
It can be recalled that back in June 2020, validators notably voted for the adoption of a new amendment without Ripple’s support.
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