Ripple Defends XRP’s Decentralization Amid Caitlin Long’s Critiques on Structure and Institutional Trust
Main Idea
Ripple defends XRP's decentralization, clarifying it was not launched via an ICO and emphasizing its unique distribution model, while also addressing criticisms about its stablecoin RLUSD being issued on Ethereum.
Key Points
1. Ripple CTO David Schwartz stated that XRP was not launched through an ICO and had zero market value at launch, with all 100 billion XRP placed into a Genesis account without public fundraising.
2. Ripple's RLUSD stablecoin operates on both Ethereum and XRP Ledger networks to enhance compatibility while maintaining support for XRP's infrastructure.
3. Caitlin Long criticized Ripple for issuing RLUSD on Ethereum, questioning the XRP Ledger's utility, but Ripple clarified that RLUSD supports both networks without undermining XRP's role.
4. A validator supported Schwartz's defense, stating that over 1,000 independent validators operate on the XRP Ledger, which are not controlled by Ripple, reinforcing its decentralization.
5. Despite Ripple's efforts to promote XRP adoption, industry skepticism persists regarding its purpose and design, particularly from banking sector voices.
Description
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