Ripple CTO: If Majority Wants a Change, There is Nothing Minority Can Do

David Schwartz stated that if the Ripple community votes in this direction, they could force the company to burn all XRP assets. "If the majority wants a change, there is nothing the minority can do," said the Ripple CTO. Ripple's chief technology officer, David Schwartz, said in a statement on the subject that it does not matter whether the decision is accepted or not, and that the company could be forced to burn 48 billion XRP by validators. Ripple, which currently holds half of the total supply of XRP, regularly releases some of this reserve. Although Ripple has been criticized on the XRP side for this sales policy, Ripple management argues that the purpose of these sales is definitely not manipulative.   "Blockcahins Are Democratic" A user tagging David Schwartz on Twitter asked Ripple’s CTO about the issue. He asked the question whether it would be possible for the user, validators, and the community in general to come together and agree on burning 50 billion XRP in their escrow accounts. Replying to the question, David Schwartz stated that such a situation is possible and that Ripple cannot prevent such a decision. Ripple CTO's response is as follows: “Public blockchains are very democratic. If the majority wants a rule change, there is nothing the minority can do to stop them. " How Is This Possible? Changes to the XRP Ledger require approval from 80 percent of the network validators. If this rate stays above 80 percent for 2 weeks, the change will occur. For example, XRP Ledger validators voted this way in June to adopt a new revision called the Checks Amendment, with no support from Ripple. Ripple routinely unlocks XRPs in escrow wallets, as it did earlier this month. However, the company's routine sales of XRP caused a lot of criticism. Ripple has sold an average of 196 million XRP since December 2017, according to the report released by XRPArcade at the beginning of 2020. As of April, a total of 5.5 billion XRP has been sold. The 5.5 billion XRP sold is over $ 3.3 billion, while the XRP price is currently $ 0.61. Ripple had decided to halt XRP sales in the second and third quarters of this year until the beginning of December. However, it started to buy back tokens into escrow wallets to support the price. It is not yet clear whether the community will take such a seriously united decision, although it is possible on paper.   Source: koinbulteni.com