Ripple Poses a Major Threat to XRP Ledger, Claims Onledger
Onledger has sparked a heated conversation by asserting that Ripple, the team admired by many, is actually the biggest threat to the XRP Ledger. They claim that Ripple is attempting to hide its XRP sales through the Ethereum Virtual Machine (EVM) sidechain, which poses a significant risk to the XRPL. This statement has raised concerns within the cryptocurrency community about the independence of the XRPL initiative.
โThe team that everyone looks up to, Ripple, poses the greatest threat to the XRPL. They will now use EVM to shit on everyone even more.โ
Onledger also alleges that Rippleโs rush to implement hooks is related to the threat posed by XAHAU and hooks themselves. While Hooks would provide smart contract capability to the XRPL, Ripple has been cautious in this regard. Onledger believes that Ripple is adopting the EVM sidechain in order to wrap its XRP and sell it off anonymously, something they were unable to accomplish with native smart contract capability.
Rippleโs CTO, David Schwartz, has responded to these claims by stating that Ripple does not need to take drastic measures if it wants to conceal its XRP sales. He emphasizes that selling tokens on crypto exchanges offers less responsibility than selling them on blockchains. Schwartz also points out that cryptocurrency exchanges do not provide complete anonymity for Ripple.
The Dispute Over Anonymity and ODL-Related Sales
Onledger disputes Schwartzโs statement about exchanges not providing anonymity for Ripple. They refer back to a previous statement made by Schwartz regarding Rippleโs ODL-related sales with a United States Nexus. In July 2023, concerns were raised when a US court ruled in favor of the SEC and declared that XRP offered by Ripple to institutional investors is a security.
Onledger believes that Ripple is using the EVM to make their operations anonymous. Schwartz, on the other hand, maintains that while exchanges may know Rippleโs identity, others do not.
Rippleโs Response to the Allegations
Rippleโs CTO, David Schwartz, has firmly refuted Onledgerโs claims. He argues that if Ripple wanted to hide its XRP sales over time, they wouldnโt need to take such drastic measures. Selling tokens on crypto exchanges provides a level of anonymity and less responsibility compared to selling them on blockchains. Schwartz asserts that Ripple can sell as many tokens as they want on exchanges without facing significant consequences.
The Importance of Independence for XRPL
The cryptocurrency community is concerned about the independence of the XRPL initiative due to these allegations against Ripple. The XRPL has gained recognition for its speed, security, and low transaction fees since its introduction. However, if Rippleโs actions jeopardize the integrity and independence of the XRPL, it could have far-reaching consequences for the entire XRP ecosystem.
Conclusion: Assessing the Threat Ripple Poses to XRPL
The claims made by Onledger regarding Ripple being the biggest threat to the XRP Ledger have sparked a heated debate within the cryptocurrency community. While Onledger accuses Ripple of attempting to hide its XRP sales through the EVM sidechain and using hooks as a means of achieving this, Rippleโs CTO, David Schwartz, strongly denies these allegations. The dispute revolves around the question of whether cryptocurrency exchanges provide anonymity for Ripple and whether Rippleโs actions are jeopardizing the independence of the XRPL initiative.
Hot Take: The Future of XRPL Hangs in Balance
The allegations against Ripple and the ensuing debate about its impact on the XRPL have raised concerns about the future of the XRP Ledger. The XRPL has achieved significant milestones and gained recognition for its performance, but if Rippleโs actions undermine its independence, it could have serious implications for the entire ecosystem. It remains to be seen how this situation will unfold and whether Ripple will address the concerns raised by Onledger and the cryptocurrency community.
Sources: Onledger, Bitcoinist, Bitcoinist
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