XRP Ledger Ripple is at a crossroads, with multiple speculations that Ripple is a major threat to XRPL, calling into question the independence of the initiative within the cryptocurrency community. XRP Ledger is known for its speed, security, and low transaction fees, having reached several important milestones since its launch.
Ripple emerges as the biggest threat to XRP Ledger.
heated conversationOnledger claimed that “the biggest threat to the XRP ledger is the team everyone idolizes (Ripple)” and is now trying to cause further damage by hiding XRP sales. EVM (Ethereum Virtual Machine) sidechain.
Onledger also argued that “there is no other explanation” for why payment companies are rushing Hooks unless “XAHAU and Hooks pose a threat.” It is important to note that even though Hooks provides smart contract functionality to XRPL, Ripple has proven cautious in this regard.
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I’ve been saying this for a long time. Ripple, the team everyone respects, poses the biggest threat to XRPL. They will now use EVMs to annoy everyone even more. There is no reason to suddenly use Hook other than XAHAU and Hook being a threat.
According to Onledger, hooks are the only reason Ripple is considering implementing an EVM sidechain. Moreover, they claim that payment companies are adopting the EVM sidechain to “package XRP and sell it anonymously.” However, this was a task that could not be achieved by leveraging ‘native smart contract functionality’. As a result, ripple Now it’s quiet about the EVM sidechain. This is why I haven’t met anyone who wants to “run a surveillance server”.
Ripple Chief Technology Officer (CTO) David Schwartz weighed in on the topic, refuting Onledger’s claims. In response to the allegations, Schwartz said there was no need for financial firms to take such drastic measures if their intention was to conceal XRP sales over time. “Ripple can sell as many tokens as it wants on a cryptocurrency exchange with less liability than selling on the blockchain,” said Schwartz.
Exchanges do not provide anonymity
Meanwhile, Onledger is in dispute. schwarzWe note the CTO’s previously released statement regarding the company’s ODL-related sale to Nexus in the US, with a statement from the company that “cryptocurrency exchanges do not offer the anonymity of Ripple.”
It is noteworthy that in July 2023, concerns were raised about ODL-related sales when a U.S. court ruled in favor of the U.S. Securities and Exchange Commission (SEC) and declared that XRP provided by Ripple to institutional investors was a security.
Onledger believes that Ripple is leveraging EVM to make operations anonymous. But once again, Schwartz responded, “No one knows who we are, but the exchange does.”
Featured image from iStock, chart from Tradingview.com