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Ripple CEO: Bitcoin [BTC], Ethereum [ETH] less decentralized than XRP ledger

Priyamvada Singh

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Ripple CEO: Bitcoin [BTC], Ethereum [ETH] less decentralized than XRP ledger
Source: Pixabay

In the last session of Ask Me Anything [AMA] for the year from Ripple’s end, Brad Garlinghouse, the Chief Executive Officer [CEO] of the company answered questions on securities, the regulatory framework and working with regulators, the performance of xRapid and the centralization in the XRP ecosystem. According to Garlinghouse, XRP is clearly a decentralized digital asset and labeled the claims of XRP being centralized as “FUD”.

As the leader of the parent company that gave birth to XRP, he stated that Ripple runs seven validators that makes up for about four percent of the public validators by any measure. He also opined that the XRP ledger is more decentralized than the Bitcoin [BTC] or the Ethereum [ETH] ledger. Adding a statement to back it up, he said:

“The XRP ledger is more decentralized to the Bitcoin ledger or the Ether ledger where you have a very small number of miners controlling… Well it passed 50% mining power. So we’re excited about the progress we’re making.”

Subsequently, he conveyed that the best way for Ripple to demonstrate XRP is a decentralized digital asset is to keep executing and ignoring the “FUD” spread around the cryptocurrency space. In his closing words, he stated:



“I think it’s [ignoring FUD] hard because the ecosystem still has a lot of it but we’re gonna keep doing what we’re doing and I think we’d be very transparent with our strategy with our execution and we’re gonna continue to do that.”

Since the beginning of the creation of XRP, the centralization in the ledger has been of great controversy for the ecosystem as well as the company that created it – Ripple. One reason for this approach states that the holdings of XRP by Ripple in large amounts lead to the majority of control in the ecosystem being concentrated within the company.

However, Ripple has refuted these allegations by clarifying that their holdings are locked up in escrow accounts using smart contracts.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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