‘XRP Is Not Decentralized,’ Claims Founder Of Europe’s Oldest Crypto Fund

Quick Summary:

In a post on X, Justin Bons, Founder and Chief Investment Officer of Cyber Capital—Europe’s oldest cryptocurrency fund—asserts that the XRP Ledger (XRPL) is centralized and permissioned, contradicting claims made by Ripple executives.

Bons also accuses the XRP Foundation of misleading investors about the network’s decentralization and exerting total control over it.

Bons proposed that the solution lies in adding a Proof of Stake mechanism to replace the UNL system, thereby transforming XRP into a more conventional decentralized blockchain.“Pretending XRP is permissionless is not the right answer.

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Article Details

Author / Journalist: Jake Simmons

Category: Crypto

Markets: Hungary

Topics: Ripple XRP price XRP XRP Centralized XRP Is Not Decentralized Ripple news XRP news Cyber Capital Justin bons

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-03 @ 12:00:07 (1 days ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 1293 words

Reading Time: 8 minutes read

Sentences: 72 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 24091607

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