The CTO of Ripple, David Schwartz, started answering questions on his Twitter profile about creating or destroying XRP. He is the main architect of the software so it was fun to see his answers on some of the burning questions in the community as we are about to read in the ripple price news.
The CTO of Ripple explained that the validators could not simply destroy all of the XRP tokens that are held in the company’s escrow wallet. According to him, no one can create more tokens because there are certain safety rules in the software that will prevent this from happening. The total circulating supply of Ripple is about 100 billion tokens with about 60 percent of it locked in a Ripple escrow wallet. He commented further:
‘’There’s no mechanism in the software to create XRP and safeties to prevent it from being created by a bug or trick. There’s no freeze or lock for other people’s XRP since nobody would be entitled to that capability. You can easily lock or destroy your own XRP if you wish.’’
All of the XRP owners can lock or destroy their tokens if they decide to do so. However, if the validators revolt against Ripple and decide to burn all of the escrow holdings, the server that powers the XRP ledger will count them in as disagreeing ones which will result in halting the entire network. according to the ripple price news reports, Schwartz claimed that changing these rules will happen only by conducting a hard fork. These network participants who agree with them will have to update the code:
‘’No. Servers count the number of validators that agree with it. So such validators would just count as disagreeing, potentially halting the network if too many of them did this. ½ .Changing the rules or operating outside the agreed rules is effectively a hard fork. That requires everyone who wants to be on the side of the hark fork with the new rules to change their code. 2/2’’
As per the ripple price news, XRP conducted the week with a 2.3% price increase while Bitcoin increased also increased by 5 percent. Ripple’s XRP failed to break the current stage as it faces resistance at $0.245.
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