CandleFocus Ripple Under Fire, Justin Bons Exposes XRP’s Centralization and Flawed Decentralization Claims
2024-12-04
Author: Content Editor
Crypto researcher Justin Bons has challenged Ripple's claim of decentralization, accusing the network of misleading investors about the decentralized nature of its digital asset, XRP. Bons argues that Ripple's reliance on Unique Node Lists, which are overseen centrally, goes against the principles of blockchain decentralization. He highlights that XRP operates on Proof of Authority rather than Proof of Work or Proof of Stake, giving the XRP foundation control over the validator list and the ability to modify validators instantly. Bons also criticizes Ripple's token distribution and lack of crypto-economic incentives for validators. He suggests that Ripple should adopt Proof of Stake and be more open about its centralized structure to restore investor trust and align with blockchain's foundational values.
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