The latest researchers analyzed the decentralization of Ripple and started to wonder: Is Ripple decentralized? New evidence suggests it is not. Let’s find out more in the ripple cryptocurrency news.
XRP helps the banking system by using liquidity to low-liquidity trading pairs, but it also claims that they have no stake in how the crypto operates. However, the studies suggest otherwise. After a close examination of XRP and Ripple, we can answer the question, is RippleRipple decentralized.
XRP is a cryptocurrency that aims to decrease the friction between foreign exchange transactions. It also helps the banks transfer money by the increasing availability of the currency pairs. By doing this, Ripple claims that it can help reduce the cash that the money transmitters and banks need to have all of the time. The money is freed up and allows the company to invest it or to save. However, there is a controversy around XRP and its decentralization.
The XRP ledger is inherently decentralized, according to the CTO of Ripple David Schwartz. He also claims that Ripple is more decentralized than both Ethereum and Bitcoin. The company even attempted to distance itself from the XRP creation because the ledger existed even before the company. Ripple is merely in the company to deliver XRP to the economic engines that need its help. Whoever, there’s evidence that suggests that Ripple almost totally controls Ripple.
Ripple was not ‘’gifted XRP From the people that created it,’’ but the ledger was launched back in 201 by Chirs Larsen, who is the chairman of the platform, along with Jed McCaleb and Arthur Britto who eventually split the project. The crypto asset was named ‘’Newcoin’’ in 2012, and a month later, the company renamed to ‘’OpenCoin.’’ Finally, in 2013, the company was renamed again to Ripple Labs and was a subsidiary under the Delaware corporation known as Ripple Labs in 2014.
The evidence also shows that Ripple created XRP in a trademark filed in 2013 six months after the network was launched. Ripple is now the sole owner of the trademark. The company said in the past that they had created XRP. The founders allocated 80 per cent of the total XRP supply to the company, and the remaining 20% were split between the founders. A few months later, the XRP ledger was launched, and 100 billion XRP was created and divided.