Ripple’s chief technology officer (CTO) David Schwartz has confirmed that the company could be forced to burn billions in XRP if the community willed it.
Ripple, a currency exchange network that offers the XRP token — currently trading at $0.62 — cannot be mined. There are 100 billion coins available, roughly half of which are held by Ripple.
At its all-time high, XRP was valued at $3.40. It is expected that a breakout could take place soon, pushing the price beyond the $1 mark.
On December 2, a Twitter user going by the handle “IKHOR” asked the CTO what Ripple’s reaction would be if all nodes, validators, and the community “at large” agreed that the XRP held in escrow by Ripple should be burned.
In response, Schwartz implied that majority rule would win such a decision.
“Yes. There would be nothing Ripple could do to stop that from happening,” Schwartz commented. “Public blockchains are very democratic. If the…
