Ripple CTO Battles XRP Ledger Skeptics Amid Scrutiny

Sun, 02/25/2024 - 09:32
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Ripple's Chief Technology Officer David Schwartz has reacted to a critic who claimed that XRP Ledger was a "zero sum game."

The attention of the Ripple CTO was drawn to a comment by an X user who mentioned the context of the "zero sum game" for XRP Ledger.

Schwartz delved further, asking the user what he meant by "zero sum game," to which he replied that there was no product to generate income.

This prompted the Ripple CTO to explain the fundamentals of XRP Ledger and its features. Schwartz describes XRP Ledger as "a product that provides the service of transferring XRP and issued assets." He added, "People pay fees for use of this service and, presumably, get benefits from each transaction that exceeds the fees."

"What are you saying is zero-sum?" Schwartz asked once again after providing his clarification.

Ripple CTO Explains Dilemma of XRP Ledger Payments

XRP Ledger has seen various forms of criticism in the past and recently. However, one thing stands out: the utility of XRP Ledger.

RippleNet, one of many Ripple products, for instance, settles with digital assets (XRP), which move on XRP Ledger. RippleNet uses blockchain technology to enable financial institutions throughout the world to shift funds.

The 86 millionth ledger of XRP Ledger was successfully closed a little while ago, marking another milestone for the Layer 1 platform. According to XRP Ledger Services, the current ledger index is 86,201,363.

XRP Ledger Achieves Major Milestone: Details

XRP Ledger continues to grow with breakthroughs and forthcoming improvements. In Q4, the validator voting process for XLS-30 began on XRP Ledger (XRPL). This amendment incorporates a non-custodial automated market maker (AMM) as a native feature of XRPL's decentralized exchange.

According to Bithomp data, more than 6.4 million NFTs have been minted on XRP Ledger. Currently, 6,408,638 NFTs have been created using the XLS-20 standard.