Coin burn confession from Ripple CEO that will be talked about a lot!

Ripple CEO Brad Garlinghouse marks the beginning of a new era for XRP! Company can burn 47 billion XRP tokens!

Ripple news: Is it possible to “Coin Burn” in XRP?

Ripple has occupied the crypto agenda a lot lately, especially due to the ongoing lawsuit filed by the SEC.. The focus of criticism was the company and its two top executives.. But all this hasn’t stopped the rise of Ripple’s native crypto, even though it hasn’t made much gains compared to Bitcoin, Ethereum, and some major cryptos.

But XRP investors are facing an even more important challenge than the SEC lawsuit, perhaps! and most of it is locked in escrow accounts known as esrow.

Every month, 1 billion XRP is released by guarantor wallets authorized by Ripple.. While some of them are sold; Unsold tokens are returned to escrow accounts.

Ripple has so far received harsh criticism from the XRP community, despite claiming to have circulated the tokens to grow the company and the XRP ecosystem.. But he was doing it regardless of criticism.

Ripple currently holds more than half of the current supply of XRP.. It also uses XRP sales as a quarterly revenue stream. This approach, which is absent in Bitcoin and Ethereum, has been criticized by the crypto community for a long time.

While the community attributed the decline of XRP to these sales; The firm has resolutely refuted the price manipulation allegations and has also largely stopped these sales recently.. But it continues to practice unlocking escrow account every month.

The XRP community is very upset that millions of XRP are being removed from escrow every month.. Some have even called for a hard fork of XRP to put an end to Ripple’s interference.

A confession from the Ripple CEO about a new application that could solve this big problem and possibly push the XRP price to highs.

Ripple can burn locked XRPs in escrow account!

In a recent interview with Thinking Crypto, Ripple CEO Brad Garlinghouse confirmed that it could be the beginning of a new era for XRP.. When asked if the locked XRPs could be burned, the famous CEO replied that they would welcome reasonable and viable views on how to solve this problem and would not rule out any possibility. voiced by Schwartz. Schwartz, chief technology officer (CTO) of Ripple Labs, admitted that Ripple could be forced to burn its tokens with the joint decision of the community and validators.

With the joint decision of the validators, Ripple may be forced to burn half of its XRP supply. If so; There is nothing Ripple can do to stop this.”

Garlinghouse further colorfully backed this claim, saying that releasing locked XRP would already harm Ripple. He said that such an action would seriously lower the price of the token, which would cause a large user base to leave the XRP ecosystem.

How much XRP does Ripple have?

Ripple currently holds 47 billion tokens worth approximately $64 billion. These cryptocurrencies are locked in the XRP Escrow program, where they are gradually released to be available on the market.. Specifically, XRP in escrow is slightly more than the current 45 billion XRP supply circulating in the market.

Returning to David Schwartz’s previous statements; According to that; validators (validators) can insist on burning 48 billion XRP tokens, ignoring the company’s decision. Thus, Ripple may have to burn all its assets.

In fact, Schwartz argues that it should be done in a different way rather than burning the tokens, such as using them as a fee for network transactions or sending them to an account that will never be accessed.. There is already such a system in XRP Ledger.

So that; XRP, like Bitcoin, has a limited supply and a deflationary token economy.. However, unlike Bitcoin; XRP Ledger has a burn mechanism that destroys coins for every transaction. However, for the current network load performing the lowest 10 transactions per second and the average transaction fee of 0.0004 XRP, the annual burn rate is approximately 134,500 XRP.

This is almost 0.0001345% of the total supply.. Therefore, this combustion rate cannot be said to have a significant effect on the circulating supply.

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