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Ripple CTO Says Majority Vote Would Force the Burning of Billions in XRP
The Ripple exec was responding to a question asking whether a majority vote could force the destruction of XRP held in escrow.
Ripple Chief Technology Officer David Schwartz tweeted the community could force the burning of billions of the protocol's native XRP tokens held in escrow to prevent the drop in price that would likely occur should those billions in frozen tokens ever flood the market.
STORY CONTINUES BELOW
- On Dec. 2, a Twitter user asked the CTO, “If Nodes, validators and the community at large got together and we agree that it's better for the community to burn the 50 billion XRP Ripple has in escrows would that be possible?”
- Responding to the tweet, David Schwartz implied that majority rule would win in such a decision. "Yes. There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them," Schwartz commented in response.
- Ripple’s XRP sales have been declining after Ripple stopped selling tokens to exchanges. The escrow account held approximately 48.9 billion tokens at the start of 2020.
- As there are currently 45.3 billion tokens in circulation, a sudden release of a sizable portion of those escrowed tokens could cause the price of XRP to plunge.
- XRP was trading at 60 cents during the time of publication on Friday. The price of the token has risen more than 160% in the past 12 months.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
