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October 2, 2022
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Ripple’s CTO says the community “may demand burning billions in XRP”

Such a move would be the decision of the majority

Ripple’s chief technology officer (CTO), David Schwartz, confirmed that the company could be forced to burn billions in XRP if the community so desired. Ripple, the company providing the XRP token – currently trading at $ 0.62 – does not mine the currencies, since the tokens are pre-designed in specific numbers. There are currently 100 billion coins available, about half of which are held by Ripple.

At its highest point, the XRP was valued at $ 3.40. A breach is expected to occur soon, pushing the price beyond the $ 1 mark.

On December 2, a Twitter user using the nickname “IKHOR” asked the CTO what Ripple’s reaction would be if all nodes, validators and the community “in general” agreed that the XRP held in Ripple’s custody should be burned.

In response, Schwartz hinted that the majority rule would win such a decision.

“Yes. There would be nothing that Ripple could do to prevent this from happening, ” commented Schwartz. “Public blockchains are very democratic. If the majority wants a change in the rules, there is nothing that the minority can do to stop them. ”

The Ripple executive explained earlier that the XRP could be burned “by paying as a fee or sending it to an account whose public key hash is insufficient entropy to have a corresponding private key that anyone could find”.

As noted by Cointelegraph, Ripple has been criticized in the past for selling millions of tokens regularly.

When asked how much XRP the CTO personally held, Schwartz said he owns “more than one million and less than 10 million”.

In congratulating the Ethereum community for the launch of the Beacon network, Schwartz also reflected on the future of Bitcoin (BTC), saying: “Bitcoin must continue to evolve to avoid technological obsolescence.”

Last month, Bitcoin resurfaced near the 2017 high, at almost $ 20,000. At the time of writing, BTC was trading at $ 19,381.

Source: ZDNet

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