Is Ripple turning its back on its cryptocurrency XRP?

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The XRP Ledger Foundation was recently launched – it wants to dedicate itself to the development of XRP in the future. What does this mean for Ripple?


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Ralph Orlowski/Getty Images


?? Press release announces establishment of XRP Ledger Foundation

?? $ 6.5 million raised from backers

?? Vision: “Promote a Healthy XRP Ledger Ecosystem”

The establishment of the non-profit organization XRP Ledger Foundation was announced in a press release at the end of September. There is an initial donation of $ 6.5 million. The XRP Ledger Foundation was able to win over some supporters: Not only Ripple itself, but also Coil and Gatehub support the foundation. They should expand the work of the foundation and support the growing number of developers, it says in the message.

Aim of the XRP Ledger Foundation

The independent organization has set itself the task of expanding and developing the XRP ecosystem and wants to support developers and sustainability initiatives. In the center is the so-called XRP ledger, where the cryptocoin XRP from Ripple is located.

It is now about the further development of the core technology, including new criteria for accounts in the network, which are required as validator nodes for the confirmation of transactions. The XRP Ledger Foundation is now planning to set up its own, unique Nodes List (UNL).

Is Ripple leaving the field to the XRP Ledger Foundation?

So far, the fintech company Ripple has dealt with these points and controls how the standard UNL is composed. In addition, there are probably still 50 percent of the XRPInventory under the control of Ripple. – Trading Bitcoin with Plus 500 – that’s how it works. 76.4% of retail investor accounts lose money when using this provider Trade CFDs. You should carefully consider whether you can afford the high risk of losing your money. – But these circumstances repeatedly raised skepticism and the accusation of centralizing XRP, which is why Ripple’s efforts to improve its own currency were often viewed critically. There is a lack of commitment from third parties, so the reasons given by some.

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Due to this fact, the ambitions of the foundation and Ripple’s involvement in it, speculation that the fintech would now withdraw from the XRP system did not take long. But as a spokesman for the Foundation told the business magazine “Forbes”, this is not the case: “The XRPLF continues to see Ripple in a key role as a developer, both in terms of technical and business aspects of the XRPL. In addition, the XRPLF is just an entity that promises to act in the best interests of the XRPL. ” It is generally not about controlling the ecosystem, he added.

It is in everyone’s interest to work together to produce the best for the XRP ecosystem. The press release stated by Ripple CTO David Schwartz: “We and the community have worked for the past eight years to dramatically increase the decentralization, performance and functionality of the XRP ledger, and we will continue to support use its future growth and innovation under the leadership of the Foundation. “Finanzen.net editors

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