David Schwartz: My Sister Wants Her Money Back In BTC after Lending Me 2.8 BTC Some Years Ago
AI Trading

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

AI Trading

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.”

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.

Trade your preferred cryptocurrencies seamlessly at Bitget.com

AI Trading

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.