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Ripple’s CTO Turns Down Suggestion to Gift 30 Billion XRP to XRPL Foundation

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  • Panos Mekras proposed that Ripple give the XRPLF roughly 30 billion XRP.
  • He anticipates that XRPLF will manage XRP’s use through marketing, grants, and awareness-raising initiatives.
  • Citing concerns about responsible usage, Ripple’s CTO declared that it is not feasible to carry out the proposal.

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In response to a suggestion that Ripple give the majority of the tokens held in escrow to the XRP Ledger Foundation (XRPLF) in order to support the XRP community, Ripple CTO David Schwartz responded. Panos Mekras, co-founder of Anodos Finance, made the original suggestion because he thinks XRPLF would be a better use for the locked-up XRP tokens in Ripple’s escrow.

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Mekras specifically recommended that Ripple make a donation to XRPL so that the group can oversee it and distribute the tokens among different projects, like grants, advertising, awareness campaigns, and other activities, to improve the XRP ecosystem.

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Mekras further contended that Ripple might no longer need to hold more than 10 billion XRP. According to recent data from the Ripple API, the company may have 40.1 billion XRP.

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David Schwartz, CTO of Ripple, retorted that it is not possible to carry out the idea. Schwartz emphasized that it is impractical to just give the XRP to another organization and hope for responsible use.

Furthermore, Schwartz highlighted the difficulty in formulating suitable limitations because the future is unpredictable. However, Schwartz asked the XRP community to consider the consequences of holding onto control in order to maintain caution: “And if we kept control to ensure sanity, what would we accomplish?”

Pre-mining was proposed by X user Mr. CleanX as a possible distribution channel in the interim. The Ripple executive clarified, though, that this kind of thinking is out of step with XRP’s nature because it doesn’t have any mining mechanisms.

Simultaneously, Schwartz recognized the difficulties Ripple has faced in the XRP distribution process, pointing out that it has turned out to be more intricate than first thought. The idea put forth by Schwartz that there is no viable way to distribute the XRP tokens in escrow has also been refuted by other community members. X user Drew Surmenian has suggested establishing a separate foundation to manage the project and give funding for pro-XRP development projects.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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