Sunday, April 11, 2021

David Schwartz Says XRP Community Could Force Ripple To Burn Its Over 50 Billion XRP

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.”

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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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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