CTO David Schwartz says XRP is absolutely not controlled by Ripple

19 Apr, 2019 | Updated: 19 Apr, 2019
by Joeri Cant
News
CTO David Schwartz says XRP is absolutely not controlled by Ripple

David Schwartz, Ripple’s Chief Technology Officer participated in a question-and-answer session on Quora, where he responsed to the question whether Ripple controls XRP.

The Ripple CTO gave a clear answer to the question whether XRP is controlled by the Ripple company.

'Absolutely not', Schwartz said. 'The XRP Ledger is open source technology with a robust community of developers, so if Ripple were to vanish, XRP and the XRP Ledger will remain.'

It seems to be a returning question, which has been asked-and-answered on multiple occasions by a variety of Ripple execs, and the fact that they take the time to provide the answer over and over again, shows how important it is to Ripple to make sure that this misunderstanding is resolved.

The CTO believes that the incorrect perception that Ripple has control over XRP comes from a few different misunderstandings that are prevailing within the crypto community.

Schwartz went on to clarify at least three fundamental characteristics that underscore XRPs independence:

1. Utility: XRP is currently used for payments, which exist with or without Ripple.

2. Ownership: XRP doesn’t represent a share of Ripple. If you own XRP, you don’t own any part of Ripple, the company.

3. Decentralization: Ripple does not control the vast majority of validators - which serve as a robust ecosystem to validate transactions on the XRP Ledger. Ripple operates only seven XRP validators out of over 150.

Schwartz further points out that while Ripple does own a portion of XRP, it does not give them control over the network, their transactions have to be approved by the validators just like everybody else’s.

'At the end of 2017, the company placed 55 billion of the XRP it owns into a cryptographically-secured escrow account. This squashes any concern that Ripple would flood the market with XRP at once - which, by the way, would not be good for us either', he concluded.

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Read more about: Ripple (XRP)

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