Ripple CTO Answers Curious Question About XRP

Important statement from Ripple CTO!

#Ripple #CTO and one of the most famous names in the cryptocurrency industry David Schwartz answered a question that XRP investors have been wondering for a long time.

↘️What's the Difference Between XRP and BTC Networks?
As it is known, the XRP network is quite different from the Proof-of-Work-based network of the leading crypto currency Bitcoin (BTC). There has been a lot of discussion before about the advantages of XRP Ledger's different consensus mechanism. Schwartz has not given a very detailed explanation about this before.

The famous CTO has now answered this question in a very detailed way. Schwartz stated that the fact that miners are an important part of Bitcoin's PoW network has led to it not being as decentralized as some believe. Due to the famous name miners, BTC has created a bilateral market.

↘️Miners Harm BTC
Expressing that miners have been fighting over transaction fees for years and struggling to generate high transaction fees, Schwartz emphasized that a second group has officially been formed in the network. Stating that the developers of the network are struggling for the lower transaction fee, the miners want the opposite, Schwartz admitted that they escaped a similar problem with XRP.

Schwartz also emphasized that this problem was actually identified by co-founder Jed McCaleb in 2011. Instead of using PoW, McCaleb developed his own protocol to increase both the speed and decentralization of the network. Stating that XRP Ledger has a structure where all transactions are streamlined, Schwartz emphasized that there are no crypto money rewards and that the competition for this has been eliminated.

↘️Criticism About the XRP Network Continues
The absence of mining in the XRP network, on the other hand, set the stage for other people to criticize it. The introduction of pre-produced XRPs directly to the market instead of mining in the XRP network is basically seen as the reason why Ripple is currently being sued.

The share of XRPs given to Ripple and its co-founders strengthened the SEC's claim to sell unlicensed securities. In fact, it appears that Ripple's co-founders are still selling a large amount of XRP and will continue to sell for a while. The XRP network, on the other hand, has been accused of being very centralized from time to time due to its lack of miners