Ripple's former director of developer relations, Matt Hamilton, explained to the public how 80% of the initial XRP offering of 100 billion tokens ended up with the company. The explanation came after a question from one of Hamilton's followers about why, despite the decentralized nature of the technology, Ripple has so centrally generated a unique list of XRPL nodes and taken a huge number of tokens for itself.
Vladislav SopovIn the first place, as the blockchain developer explains, Ripple did not release anything itself. According to him, the initial XRP offering was released by the founders of XRPL into an open genesis wallet, where anyone could claim them. They then took 80 billion XRP and gave it to Ripple, to build a commercial project that uses the token and network in its operations.
Gamza KhanzadaevAs things stand, Ripple accounts hold less than half of the initial XRP offering, with 56.58 billion tokens distributed to accounts outside the company's "jurisdiction."
Ripple and XRP
The topic of Ripple and XRP's affiliation is central to the debate about one of the market's largest cryptocurrencies. The ongoing, long-running U.S. Securities and Exchange Commission proceedings against Ripple seek to have XRP recognized as a security for that reason. However, Ripple officials deny that XRP is controlled by the company itself, even though some of them had a hand in the creation of XRP Ledger.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov