Ripple CTO David Schwartz Clears the Air on XRP Ledger Governance

  • David Schwartz said that if anyone wants to make a change on XRPL, they can since its decentralized.
  • The Ripple executive said that the code that node operators run decides everything and not the firm.
  • There is no limit to the changes that a person can make to the XRPL network.

David Schwartz, Chief Technology Officer (CTO) at Ripple, addressed concerns about the company’s influence over the XRP Ledger’s governance. Ripple issues the third-largest digital asset by market capitalization, XRP. In a recent online discussion, Schwartz clarified that Ripple has no involvement in the main governance process of the XRP Ledger (XRPL), which is managed by node operators.

Responding to questions on X, Schwartz explained that the XRPL’s governance relies on the code node operators run. This code dictates the state changes permitted on the network. When a user asked who controls what a code node can or cannot do, Schwartz reiterated that the code itself sets all the rules.

Related: Ripple Gains Regulatory Nod in NY and Texas for Payments

As previously covered, some community members accused Ripple of removing certain features, called “hooks,” from the XRPL blockchain. Schwartz responded, saying that hooks were deemed too risky for the network and were therefore taken out. This discussion then led to broader questions about the XRP Ledger’s decentralization. On this, Schwartz stated: “For all decentralized layer one blockchains, the rules are set and enforced by the code. You can essentially modify the code to allow or prohibit anything.

Ripple CTO Details Three Key Aspects of XRPL Code

To further illustrate the decentralized nature of the XRPL, Schwartz emphasized that it operates similarly to other layer 1 blockchains. Anyone wanting to alter a system rule can write code and use the protocol as they see fit. In short, the Ripple executive maintained that the XRPL is a decentralized blockchain, and Ripple does not hold any special control.

Related: Ripple CTO Makes The Case For XRP Inclusion in Crypto Stockpile

Finally, Schwartz highlighted three attributes of the code. First, it’s open-source and free of legal restrictions, meaning anyone can modify it. Second, no one can be forced to run code they disagree with. Third, there’s nothing stopping anyone from creating a fork of the network.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Related Posts

BNB Price Surge: Technical Setup & CZ’s Memecoin Tease Spark Rally Talk

BNB surged 11.8% in 24 hours and 21.4% over the past week, signaling strong bullish momentum.   Historical patterns suggest BNB could target a new all-time high (ATH), with technical indicators…

Rumors Swirl: Musk, Hoskinson, and a Cardano-Backed Treasury?

There are rumors about Elon Musk and Charles Hoskinson meeting The main buzz revolves around US Treasury possibly adopting the Cardano blockchain Recently, Musk has publicly stated his support for…

Leave a Reply

Your email address will not be published. Required fields are marked *