Ripple CTO Emphasizes on XRPL’s Value

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In a recent online exchange, the Chief Technology Officer at Ripple, David Schwartz, passionately defended the XRP Ledger against a critic’s claim that it operates as a “zero-sum game.” 

As reported earlier by TheCoinRise, the Ripple executive also confirmed that “blackholing” or transferring control are two available options for how the over 40.708 billion XRP currently held in escrow accounts can be managed.

Ripple CTO on XRP’s Value

The conversation unfolded when an individual, identified as an X user, questioned the XRP Ledger’s lack of income-generating products, implying that the ledger merely redistributes value among its participants. 

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Schwartz actively engaged with the critic to dispel misconceptions and highlight the intrinsic value and utility of the XRP Ledger. He countered the criticism by explaining the fundamental operations of the XRP Ledger, portraying it as a platform facilitating the seamless transfer of XRP and issued assets. 

Outweighing Associated Costs

The Ripple executive emphasized that users willingly pay transaction fees for this valuable service, asserting that the benefits derived from each transaction outweigh the associated costs. This clarification aimed to underscore the role of the XRP Ledger in enabling efficient asset transfers and dismiss notions of it being a mere “zero-sum game.”

Schwartz emphasized that the XRP Ledger is not solely a tool for transferring value but a sophisticated platform supporting various financial activities. 

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RippleNet, a flagship product utilizing the XRP Ledger, exemplifies its utility by empowering global financial institutions to conduct quick and secure fund transfers through blockchain technology. This emphasizes the ledger’s significance in modernizing cross-border payments and financial transactions.

Celebrating Milestones for Ripple

The XRP Ledger celebrated a recent milestone with the closure of its 86 millionth ledger, showcasing its robustness and the increasing confidence in its technology. The current ledger index, reported by XRP Ledger Services, stands at 86,201,363, affirming the ongoing activity and expansion of the ledger.

Looking forward, the XRP Ledger is set for further advancements with the initiation of the validator voting process for XLS-30 in the fourth quarter. This amendment aims to integrate a noncustodial automated market maker (AMM) as a native feature of the XRPL’s decentralized exchange, enhancing its trading capabilities. 

Additionally, the ledger has become a hub for non-fungible token (NFT) creation, with over 6.4 million NFTs minted using the XLS-20 standard. 

Spot XRP ETF

Ripple CEO Brad Garlinghouse recently expressed his enthusiasm towards the prospect of an XRP exchange-traded fund (ETF), foreseeing a broader trend of cryptocurrency ETFs gaining traction in the market.

It is crucial to note that an ETF for XRP would provide investors with a regulated and accessible avenue to gain exposure to the digital asset.

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