Brad Garlinghouse states that openness and transparency behind Ripple’s system exposed it to attacks and led to the compromisation of the system. This came after too many queries were received around the Ripple project and the recent attack on their systems.
Ripple’s recent attacks caused by openness
Our Transparency is tens or even a hundred times more than everyone in this space.
Anthony Pompliano, Morgan Creek Digital Assets co-founder and host of the Chain Podcast recently spoke with Garlinghouse.
In that engagement, Brad said that there is so much outdated data about the project on the internet. He claimed it as a “natural cause” as Ripple is so open and transparent about their system more than everyone else in the game.
The host also read queries from people who watch the show. Many of them were related to the controversy around Ripple’s latest sales of its coins which led to the depreciation of its token values. Garlinghouse just stated that he would correct what’s not right on the tokens and bring the coin’s value down if that decision is a good decision overall.
Garlinghouse said that he is the most interested person in the system’s well-being and want to conquer it as he has much XRP stored on his own wallet.
Ripple’s CEO spoke about the way Ripple administers its own keeping of tokens, stating that this company has just produced 55 escrows and each one of these contains 1 billion XRP that they unlock every 30 days.
Every time those XRP’s get unlocked, the Ripple system gets 80 percent of those coins to the new escrows and they stay there for a later time. He emphasized the point that the Ripple system may have got the ownership of the escrows but whoever has got the keys of those coins will be the owner of the coins and the Ripple can not do anything with those coins.
Garlinghouse stated that Ripple will sell the XRP leftover tokens over the internet or will sell them to clients who are institutions and want to own XRP.
The liquidity of the market has increased which caused those institutions to refuse to buy and Ripple will refer those to other places.
Garlinghouse claimed this paragraph proudly:
You can not find anyone that is at the scale at we currently are in the cryptocurrency world, this is the truth.
Despite the recent attacks on the system, Ripple stands to be one of the most used cryptocurrencies in the trading world and nobody can deny that. Most will be inclined to believe this explanation as transparency is Ripple’s biggest asset.