The group could force the blockchain company to burn its entire XRP assets, according to Ripple’s CTO,
David Schwartz, CTO of the company, asserted that the XRP group has the power to vote for the burning of 48 billion XRP supplies. Schwartz, who never shied away from controversial remarks, confirmed that validators had more than the company’s say in this decision.
Hypothetically, the firm would have no choice but to comply if validators wanted to vote to burn the 48 billion XRP tokens, even if it did not agree with the decision.
The CTO responded to a user of Twitter. In a tweet, Schwartz acknowledged that the group would determine the destiny of the XRP coin as the blockchain is democratic.
Ripple currently has half of the total XRP supply in its possession. For its decision to sell tokens in the past, its community has strongly criticized the business. The company was accused of years of manipulating rates last year, although it refuted these allegations.
It was announced late last year that the company could agree to burn the excess stock unilaterally. This was after Stellar cut down to 50 billion tokens from its total supply of 105 billion XLM tokens. Schwartz, mocking his decision, took a dig at the company.
An approval rating of 80 percent from the validators includes the activation of an XRP Ledger amendment. For the activation to be successful, this has to be sustained above the threshold for two weeks. In the past, a modification without the company’s approval was triggered by validators. When validators on the XRP ledger voted to implement the Checks Amendment, this was the case.