Ripple’s chief technology officer David Schwartz revealed that validators could order the blockchain company to burn all its XRP holdings. According to InsideBitcoin, validators could order the burning of Ripple’s 48 billion XRP with or without the company’s consent.
The CTO announced to XRP holders that they have the power to vote for Ripple to burn all of its XRP supply. Schwartz made this statement while replying to a Twitter user who asked if its possible for the Ripple community to agree to burn the 50 billion XRP Ripple has in escrow. In response, the CTO said that a majority decision could order the burn:
“Yes, there would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rule change, there is nothing the minority can do to stop them.”
The recent tweet by the CTO is not the first time he would talk on XRP burning. Back in 2019, Schwartz said that XRP holders can burn the digital asset “by paying it as a fee or by sending it to an account whose public key hash has insufficient entropy to have a corresponding private key anyone could ever find.”
In addition, Schwartz revealed to his Twitter followers that he holds more than 1 million XRP and less than 10 million.
At press time, XRP is down 8.18% to $0.578308.
Image Credits: Pixabay
