The Community Could Influence Change, and 48 Billion XRP could Burn, Ripple CTO

News • 2020/12/04 • ໂດຍ

David Schwartz, the CTO of Ripple, said the community could influence the burning of $48 million worth of XRP.

The company has over 50% of the total token, and the community suggests burning instead of selling off to strengthen the price. The way they can do this is through their vote. If validators want XRP tokens worth $48 billion burnt, then it is a decision that doesn’t have to be debated.

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Giving the community to vote is because Blockchain is a democratic system, and the people have the power in their hands.

As things stand, burning off looks imminent because ripple doesn’t have the control to do anything against what the community wants.

The amendment of the XRP ledger needs about an 80% approval rating from the validators in charge. It is essential to add that a new amendment was voted for in June and XRP wasn’t in support. The June amendment allowed users to write XRP checks that can be redeemed at convenience.

If XRP is in excess, the decision to burn off can be taken because it is a decentralized cryptocurrency and the long-standing criticism of the coin selling token routinely needs to be worked on.

Share your ideas on how this could play out.

ຄຳ ເຫັນ (4)

ແຂກ

lilianchiamaka

6 ປີຜ່ານມາ

The decision taken should be based on the community's choice....

visiblemoney

6 ປີຜ່ານມາ

In my own opinion, if token reserve worth $48 million XRP is to be burned on account of excess and price inflation for the benefit of the investors, I see it as a share waste of prudent resources that could have been pledged to a charitable cause. Investors would always want ever increasing token gains but it is better to cut ripple supply to the market to avoid burning so huge!