Ripple fans adamantly preach that the cryptocurrency runs on a decentralized network.
A quick search of the term “Ripple Decentralized” on Twitter reveals hordes of accounts claiming that “The Standard” is decentralized in nature. Many are even ganging up in an attempt to prove their point.
In addition, the Chief Technology Officer of Ripple Labs, David Schwartz, wrote an article claiming that the XRP Ledger is more decentralized than bitcoin and Ethereum to the delight of Ripple supporters.
If you closely examine the article, however, it seems that the Ripple Labs executive attacked the two largest cryptocurrencies to make Ripple look good without addressing the core issue of decentralization. Thus, to the average Joe, the article may pose more questions than answers.
Nevertheless, we spoke to a blockchain specialist to finally get to the bottom of the decentralization issue. Hearing his position was not surprising.
Blockchain Expert: ‘Let’s Be Realistic About Where Ripple Exists on This Spectrum of Decentralization’
Matt McKibbin is the founder and chief decentralization officer at Decentranet. According to the company’s website, the purpose of Decentranet is to bring blockchain projects to life by creating partnerships and connecting entrepreneurs to investors. Thus, the executive knows a thing or two about decentralized blockchains.
Mr. McKibbin spoke to CCN and shared his stance on whether Ripple is decentralized or not. He said:
Ripple is centralized. It is basically a way for banks and large financial institutions to trade on a distributed ledger that can be rolled back at any time. This ledger is managed by the Ripple Foundation, not a decentralized network.
The Decentranet founder added:
Ripple is inherently centralized as power rests solely in the hands of the Ripple Foundation. This is useful for large financial institutions. However,…