RE: is Ripple Decentralized or Not?
Here’s the answer you may or may not have been looking for:
“Matt McKibbin is the founder and chief decentralization officer at Decentranet. According to the company’s website, the purpose of Decentranet is to bring blockchain projects to life by creating partnerships and connecting entrepreneurs to investors. Thus, the executive knows a thing or two about decentralized blockchains.
Mr. McKibbin spoke to CCN and shared his stance on whether Ripple is decentralized or not. He said:
Ripple is centralized. It is basically a way for banks and large financial institutions to trade on a distributed ledger that can be rolled back at any time. This ledger is managed by the Ripple Foundation, not a decentralized network.
The Decentranet founder added:
Ripple is inherently centralized as power rests solely in the hands of the Ripple Foundation. This is useful for large financial institutions. However, that is not something that benefits the decentralized financial ecosystem long-term.”
Cue the online screeching of the die-hard Ripple supporters!