Community Could Force Ripple To Burn Cryptocurrency Savings, Ripple Administrator Says
coinputin.com – The Ripple executive said the XRP community could force Ripple to burn huge crypto assets.
David Schwartz, Ripple’s chief technology officer, made important remarks. Schwartz said the XRP community could force Ripple to burn off its massive XRP backlog. Ripple owns more than half of the total supply of XRP and has long faced criticism for routine sales of the asset, although the company claims it has not sold enough to affect the price of the third-largest cryptocurrency.
Schwartz, Ripple’s CTO, was asked on Twitter whether XRP Ledger’s nodes, validators and community members could have caused Ripple to burn more than 50 billion XRP’s.
XRP Ledger changes require an 80% approval rating from the ledger’s verifiers. It is activated if a change remains above this threshold for two weeks. In June, the verifiers at Xrpl voted to adopt the new amendment without ripple’s support.
Bitcoin Must Be Improved, CTO Says
Schwartz, one of xrpl’s original architects, also clarified his views on Ethereum and Bitcoin. The CTO said it thought there would be an upswing in ETH, saying the entity had an “incredibly strong developer community and the best Defi ecosystem.” Bitcoin’s technology, on the other hand, will need to be improved to avoid becoming obsolete, he says:
“The Ford Model T was a technological triumph that allowed visionaries to imagine that the car would eventually replace the horse. However, the Model T did not replace the horse. To avoid technological obsolescence, Bitcoin must also continue to thrive.”