“By Many Measures, XRP Is More Decentralized Than Bitcoin And Ethereum”
Since XRP, the digital asset of choice for the fintech startup in Ripple, rose to the near-tippy-top of the cryptocurrency leaderboards, many pundits have questioned the asset’s inner workings. A primary criticism that has been touted is that the XRP Ledger is centralized, as it uses an alternative mode of consensus (validator/tracking server system) that isn’t really reminiscent of Bitcoin’s Proof of Work (PoW) or the proposed Proof of Stake (PoS) system proposed by Ethereum’s mass of developers.
However, in an “Ask Me Anything” style interview led by Ripple’s SVP of Marketing Monica Long, Brad Garlinghouse, CEO of the San Francisco-headquartered startup, explained why his go-to asset is, in fact, decentralized, rather than centralized.
Garlinghouse first stated that Ripple has been making the argument that XRP’s ledger has been decentralized for years now, joking that this argument comes up all too often. The crypto industry insider, who is a long-time technology entrepreneur, noted that “people are going to spread their FUD (fear, uncertainty, doubt),” before adding that there is much misinformation regarding XRP’s status and underlying nature.
The chief quipped that due to the presence of misinformation, those misaligned may continue to “engage in whatever zealotry [they want].” Yet, in quick succession, Garlinghouse noted that “it is very clear that the XRP ledger is decentralized.” Backing his claim, which could be deemed blasphemy by much of the crypto community, the member of Ripple’s top brass exclaimed that today, “Ripple runs seven validators, [which is] about four percent of [all] public validators.”
Keeping this in mind, Garlinghouse added:
“By almost any measures now, the XRP Ledger is more decentralized than the Bitcoin ledger or Ethereum ledger, where you have a very small number of miners controlling you know well past 50% of mining power.”
Closing off his comments on the matter, Ripple’s head explained that he tries not to pay attention to the FUD, and would rather bear down and keep on executing, while retaining transparency, instead of stressing out over what the community thinks.
You Going To Book A Trip With XRP On Travala?
Per previous reports from Ethereum World News, Travala.com, a crypto-centric trip booking platform, started to accept XRP a few weeks back. Long took note of this, asking Garlinghouse if he’s going to book a trip with XRP on the site. Garlinghouse, maybe joking, maybe not, said absolutely.
No matter if he uses Travala’s implementation or not, the Silicon Valley participant noted that “in the long run, the most effective way to prove out what we’re doing is to see this real-world organic development.”
In the same interview, as reported by Ethereum World News previously, Garlinghouse made it clear that XRP will continue to trade even if Ripple bites the dust. At the same time, the industry insider noted that in the end, the aforementioned crypto asset isn’t a security, drawing attention to a number of “base layer reasons” to back his claim.
Ripple's XRP page Title Image Courtesy of Marco Verch On Flickr