Justin Bons, founder of Cyber Capital, Europe's oldest cryptocurrency fund, has criticized the XRP Ledger (XRPL) as centralized and permissioned, disputing Ripple’s claims of decentralization.
He accuses the XRP Foundation of misleading investors and exercising full control over the network.
Bons argues that XRPL’s reliance on Unique Node Lists (UNLs) resembles a Proof of Authority (PoA) system rather than trustless mechanisms like Proof of Work (PoW) or Proof of Stake (PoS).
He highlights issues with decentralization, stating that network participation requires the foundation’s permission and that default UNLs, controlled by the foundation, create de facto centralization. Bons also criticizes the absence of incentives for validators, contrasting XRPL’s design with PoW and PoS systems.
The debate around XRPL’s structure is further intensified by Bons’ claims about its lack of trustlessness. He asserts that while users can technically choose their UNLs, a 90% overlap with the network is required to avoid disconnection, which effectively forces reliance on the foundation’s list. This, combined with the ability to alter validator lists instantly, gives the foundation sweeping control over network operations, Bons claims.
He further points to XRPL’s initial coin distribution, claiming it was unfair due to a pre-mine of 99.8%, and suggests adopting a PoS mechanism to enhance decentralization. Despite community backlash, Bons calls for reforms to ensure transparency and trust in XRPL’s structure.
Bonk (BONK) has gone down by 7.6% in the past 24 hours and currently stands at $0.00002800. Although the token has been on a downtrend for a few days, it is approaching a key area of support that could favor a bullish Bonk price prediction. Trading volumes have gone down by 18% during this period, […]
As Bitcoin and the broader altcoin market continue to swing unpredictably, blockchain analytics firm Santiment has identified six altcoins that have sparked intense interest across social media platforms.
On this day ten years ago—July 30, 2015—a revolutionary chapter in blockchain history began.
A new report from Standard Chartered highlights that publicly traded companies holding Ethereum (ETH) as a treasury asset have emerged as a unique and fast-evolving asset class, distinct from traditional crypto vehicles such as ETFs or private funds.