Ripple in its video marketing campaign uploaded a series of videos that talk about its inception, vision for XRP, product suite, IoT, comparison of XRP with other digital assets and consensus vs. proof of work but most specifically about the decentralization of XRP.
Is Ripple centralized or decentralized?
Yesterday, Ripple was really excited about sharing its 7 videos with their audience as evident from their blog post:
“We’re excited to release the “Ripple and XRP” video series to highlight how Ripple got started, what inspired the notion of the internet of value, Ripple’s product vision and roadmap and how XRP stands out as being the best digital asset for payments.”
There have been many reports and researchers claiming that the currency is centralized.
This reason alone makes it a good move on the company’s part as it clarifies the FUD going around the decentralization of this cryptocurrency.
Talking about how XRP ledger is exactly decentralized, the chief cryptographer at Ripple, David Schwartz provided some facts:
“There are stakeholders in the system and if ripple disappears, nothing would prevent them from continuing to operate the system exactly the way it operates.”
He further talked about the creation of more XRPs:
“A lot of people are concerned that ripple might be able to create more XRP but the protocol doesn’t have any way to say hey I got a whole bunch of XRPs, just don’t ask where it came from. The Transaction rules are deterministic and the software is open source, there is no way to create XRP.”
Ripple XRP future plans on decentralization
As for the numbers of XRPs used or reserved:
“The ripple currently holds about sixty billion XRP that’s sixty percent of all the XRPs that will really exist. Fifty-five billion XRPs have been locked in escrow that will be released billion a month. It provides a level of supply and predictability to ensure any XRP that we don’t use goes back to escrow. Because we are publicly on the ledger, we also provide an additional level of transparency.”
Schwartz also mentioned his plans for this year:
“One of my top priorities for 2018 is improving the decentralization of the XRP ledger. Through 2018, we will be adding additional validators and you get to see landmarks where the network will be increasingly independent of Ripple’s operations.”
With recently signing a deal with 61 Japanese Banks, that will be using their blockchain technology to now detailing about their business through the videos, Ripple has been very active in its marketing tactics and is leaving no stone unturned.
After the debacle of Coinbase listing rumor that brought a rise in its prices that later took a downward slope, Ripple is surely trying to clear any clouds affecting its value. Seating at a third position, Ripple XRP is currently riding at $0.835.
It would be interesting to see what else Ripple has in its arsenal!
What are your views on Ripple coming up with these videos and especially its take on its XRP’s decentralization? Let us know below!
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.