Ripple CTO says community could force the company to burn 48 billion XRP

Ripple could be forced to burn its entire XRP holdings if the community votes for it, the company’s CTO David Schwartz has confirmed.

Ripple chief technology officer David Schwartz has admitted the company could be forced by validators to burn its 48 billion XRP tokens, regardless of if it agrees with the decision or not.

The company currently holds half the total XRP supply and has come under fire from the community for selling off tokens in the past, although it resolutely refuted claims of price manipulation and has stopped the practice in recent times.

In a Twitter thread, Schwartz confirmed that the community could vote for Ripple to burn their entire supply of XRP tokens, stating that the blockchain is “very democratic. “There would be nothing Ripple could do to stop that from happening.”

XRP Ledger amendments require an 80% approval rating from the ledger’s validators and are activated if they stay above that threshold for two weeks. In June, validators on the XRPL notably voted to adopt a new amendment, dubbed “the Checks Amendment,” without support from Ripple. […] Continue reading

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