XRP’s Decentralization in Question: Ripple CTO Slams Bitcoin’s Centralization Failures!

• Ripple CTO defends XRP’s decentralization, contrasting Bitcoin’s centralized failures.
• Ripple partners with Billiton Diamond, tokenizing $280 million in diamonds.
• XRP Ledger’s history sparks debate on true decentralization in crypto.

A fierce debate erupted over the decentralization of the XRP Ledger (XRPL) after a public exchange between Bitcoin advocate Bram Kanstein and Ripple’s Chief Technology Officer (CTO) David Schwartz. Kanstein reignited the discussion by pointing out that the XRP Ledger’s history did not begin with “Ledger 1,” but rather with “Ledger 32,570,” following a technical glitch. This, Kanstein argues, reveals XRP as a fundamentally centralized system.

Schwartz, however, vehemently disagrees, defending the network’s decentralized nature. He explained that the handling of the XRP genesis bug, where the network proceeded without altering any data, demonstrated a clear example of decentralized inaction. Schwartz further compared this to two significant incidents in Bitcoin’s history, claiming that Bitcoin showed far more centralization in its decision-making during critical moments.

Also Read: Hyperliquid Overtakes Coinbase in Trading Volume, Signaling a Shift in the Crypto Exchange Market

Bitcoin’s Centralized Moments: A Direct Comparison

Schwartz’s defense of XRP was not just a dismissal of Kanstein’s claims, but also a critique of Bitcoin. He pointed to two major Bitcoin incidents: the 2010 rollback and the value overflow bug, where the Bitcoin community made coordinated efforts to fix bugs. In contrast, the XRP team decided not to intervene with the genesis bug, choosing to accept the error as part of the system’s history.

According to Schwartz, these Bitcoin interventions were clear examples of centralization, where a small group of stakeholders controlled the outcome of crucial protocol decisions. He argues that Bitcoin’s history proves its vulnerability to human intervention, whereas XRP’s decision to live with the glitch without corrective measures showcases its decentralized resilience.

The debate over XRP’s decentralization now goes beyond just a technical issue; it highlights the ongoing tensions within the crypto community about what true decentralization means. While Kanstein continues to use the XRP glitch as evidence of centralized control, Schwartz stands firm in his belief that the incident was handled in the most decentralized way possible, even if the outcome wasn’t ideal.

This argument between two major figures in the blockchain world serves as a reminder that decentralization is not a binary concept. Both XRP and Bitcoin have faced pivotal moments that challenged their decentralization, but how those moments were handled may tell a different story about the underlying philosophies of these projects.

Ripple Expands Its Influence: Tokenizing Polished Diamonds on the XRP Ledger

In other Ripple news, Reece Merrick, Ripple Managing Director in the Middle East and Africa, shared exciting news about Ripple’s growing influence in the global financial sector. Ripple has announced its support for Billiton Diamond and Ctrl Alt Co. in tokenizing over AED 1 billion ($280 million) worth of certified polished diamonds on the XRP Ledger. This new venture marks a significant milestone in Ripple’s expansion into the physical assets space.

The partnership aims to revolutionize the commodities market by offering a more secure, transparent, and efficient way to manage assets. By leveraging Ripple’s enterprise-grade custody solution, the project sets a new standard for the tokenization of physical assets, enabling smoother transactions while maintaining high levels of security and transparency. This move further establishes Ripple as a key player in bridging the gap between traditional commodities and the digital economy, signaling the future of commodities tokenization.

Also Read: Fugitive Crypto Fraudster Daren Li Sentenced to 20 Years After $73.6M Scam!

The post XRP’s Decentralization in Question: Ripple CTO Slams Bitcoin’s Centralization Failures! appeared first on 36Crypto.