• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Are Validators Burning Ripple’s 48 Billion XRPs?

Written by:
Aeon Flux
Published on:
7 December 2020
Thoughts:
No comments yet

Titus

In a Twitter thread, Ripple CTO Schwartz confirmed that the community could decide to burn 48 million XRP tokens. This is related to the specific provisions of the protocol.

Not only the Bitcoin course is currently experiencing a soaring. Almost in its slipstream, the Altcoin Ripple (XRP) has also soared to new heights. Now, however, threatens a huge damper on the part of the validators. The chief technology officer of Ripple, David Schwartz, has according to media reports admitted that the company could be forced by the validators to burn its 48 billion XRP tokens. Whether the company agrees or not is irrelevant in the ledger’s log.

Ripple itself currently has half of the total XRP offering. In the past, there have been several accusations of price manipulation due to the sale of tokens. However, Ripple has always firmly denied these allegations. In order to avoid such allegations, however, Ripple has recently discontinued this sales practice.

In a Twitter thread , Schwartz confirmed that the community could very well vote for Ripple to burn its entire stash of XRP tokens. Should it actually come to that, there is nothing Ripple can do about it. The blockchain lives off its democracy.

The XRP Ledger is run by independent participants from a global XRP community, with Ripple itself playing an important role. In it, Independent Validator Nodes come to an agreement on the sequence and validity of XRP transactions. Active validators of the ledger are, for example, universities, stock exchanges and financial institutions. There are currently 36 validators, of which Ripple has six.

XRP ledger changes require an 80 percent approval rate from the ledger’s validators. They will take effect if this threshold is maintained for two weeks. In June, the XRPL validators specifically voted to accept a new amendment entitled “Check Amendment” without Ripple’s consent. The change introduces the ability for users to write each other checks for a pre-determined amount to XRP that can be cashed at a later date.

CEO Brad Garlinghouse recently provided an insight into the composition his clientele. Only 5 percent are US citizens. There are also rumors that the company is moving its headquarters from San Francisco to Japan. With this, Ripple co-founders Chris Larsen and Garlinghouse express their frustration at the lack of regulatory clarity in the United States.

Categories: Bitcoin, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,424)
  • Ethereum (1,631)
  • News (5,093)

Recent Posts

  • Eighth CryptoSuper 500 List 5 June 2022
  • Bitcoin, Gold or Real Estate — Which Is The Best Hedge Asset? 5 June 2022
  • Even If the Bottom Is In for the Bitcoin Market, Don’t Expect a Big Surge to a New ATH for a While 5 June 2022
  • Why Bitcoin Mining Is Not Polluting 4 June 2022
  • An Overview About DeFi Lending 4 June 2022

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web