- Ripple’s CTO defended XRP’s openness against claims of benefiting the top 1%.
- Schwartz dismissed concerns of DHS hacking XRP, citing its robust security.
- Schwartz clarified his patent’s unrelated nature to XRP’s design, countering centralization claims.
Recently, Ripple’s Chief Technology Officer, David Schwartz, found himself in the spotlight when a crypto enthusiast, Wolf of Golden Street on X (formerly known as Twitter), raised some thought-provoking questions about XRP’s design and alleged centralization.
One central issue was the claim that XRP primarily empowers the top 1%, suggesting that a select few control the core of the XRP system. Schwartz, in response, expressed his uncertainty regarding this assertion. He emphasized that XRP’s ledger is open to anyone, underlining its commitment to asset ownership and exchange transparency.
Addressing concerns about the Department of Homeland Security (DHS) potentially hacking XRP, Schwartz pointed out that XRP’s ledger and rules are public, making it unclear what a hack would entail. He acknowledged the possibility of bugs but highlighted the rapid resolution of such issues, effectively minimizing the likelihood of recurring hacks.
In addition, Schwartz dispelled notions that his patent was in any way linked to XRP’s centralized design. While Bitcoin (BTC) maximalist Max Keiser had unearthed a decades-old patent document of Schwartz’s to support claims of XRP centralization, Schwartz clarified that his patent focused on a different concept that had become less relevant over time.
Furthermore, Schwartz confirmed that his patent predates the emergence of Bitcoin. However, he clarified that the groundbreaking innovation in BTC was its use of proof of work to solve the double-spending problem, which had no connection to his patent. He also noted that while Satoshi Nakamoto had commented on the original RipplePay system, there were no known comments from Satoshi regarding XRP.
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