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Is decentralizing the XRP Ledger a smart move?

is decentralizing the xrp ledger a smart move

Decentralizing the XRP ledger has been an idea on some of the minds at XRP Labs for quite some time. Now they’ve spoken. XRP might just have to see a hard fork taking away some of its identity with it due to the internal conflicts that the coin is facing.

Ripple founders have been dumping XRP in the and thus the investors are not happy about it. But before things get rough, David Schwartz made some announcements.

David said that he was concerned about the distribution problem that XRP had been facing but he wasn’t quite at liberty to disclose the information on a twitter Twitter thread.

What he couldn’t stop himself for saying was that he’s been working on decentralization and security for the XRP ledger.

Ripple has been centralized since its inception on June 13, 2016, when the virtual currency license was handed to the firm by the New York State Department of Financial Services.  David Schwartz wants to change this and begin a new era for Ripple.

He isn’t the only one with this ideology. David has found like-minded companions along the way. Evan Schwartz has seconded the movement started by David. Evan is the co-inventor of Interledger Protocol (ILP) while the third person to support this idea is Ethan Beard Xpring’s senior vice president.

How will decentralizing the XRP Ledger even help?

These efforts will lead to a boosted Interledger Protocol created to facilitate seamless payments across payment networks. Moreover, Schwartz clarified that the decentralization is for the XRP Ledger, not the coin.

He is also working on partition tolerance so that the XRP Ledger won’t be in a turmoil like Stellar’s Lumens blockchain. He views distributed agreement algorithms as an opportunity to the proof of work alternative which according to him- is a dead end.

When XRP Labs and XRP itself don’t get along well, David Schwartz couldn’t have said much. He thinks that if things are taken slowly, gradually, XRP will come around to his idea. After all, who else is going to finance the project when XRP alone holds most of the shares- one more reason why investors aren’t quite happy with the way things are run.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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