Almost 80% of XRP Ledger validators are not related to Ripple. The San Francisco startup has been working in order for the XRP Ledger to become more decentralized over time. Just seven of the 34 of the unicode node list (UNL) validators are owned by Ripple.
XRP Becomes More Decentralized
There have been several crypto enthusiasts that claim that XRP is a centralized cryptocurrency. One of the reasons they give is related to the large participation that Ripple has on the XRP Ledger as a validator.
Nevertheless, things seem to be changing. According to the Validator Registry around 20% of the validators are related to Ripple. The remaining 80% of the nodes are run by third-party entities.
These validators are very important for the whole ledger. They allow for transactions to be processed and consider them valid. Thus, if a transaction wants to be sent twice (double-spending) validators would not approve it.
In the future, Ripple could reduce its presence in the network even further. This would allow the XRP Ledger to become even more decentralized than before.
A few days ago, the Canadian crypto exchange CoinField, which is a known XRP and Ripple supporter, launched a UNL validator.
At the same time, the firm claims that it is working in order to increase XRP adoption through a new project. The exchange didn’t provide information about which are the future plans of the company.
Do XRP Sales Affect The Cryptocurrency?
Another issue that has been a debated and discussed topic among the XRP community is related to XRP sales from Ripple.
Ripple owns over 50% of the total XRP supply. The firm is currently using these funds in order to expand the services provided by Ripple around the world.
Due to the XRP sales that the company conducts every quarter to fund its operations, XRP holders and investors claim that the cryptocurrency has a lot of selling pressure.
In the last year, XRP fell by over 43% compared to other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) that registered better performances. Bitcoin grew by 32%, Ethereum fell by 9% and Litecoin surged by 5.6%.
While XRP sales by Ripple are affecting negatively the price of the cryptocurrency, it can help increase adoption in the future.
Financial institutions and banks are currently working in order to improve their cross-border services and a way to do so could be by integrating XRP into their operations.
A few days ago, UseTheBitcoin reported that Ripple and Finablr signed a new cross-border payment partnership to introduce a new money transfer feature in Samsung Pay.