8 months ago
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XRP Ledger and Ripple are at a fork in the road, as several speculations regarding Ripple being the major threat to the XRPL emerge within the cryptocurrency community questioning the independence of the initiative. The XRP Ledger is well-known for its speed, security, and low transaction fees reaching multiple significant milestones since it was introduced.
Ripple Emerges As XRP Ledger’s Biggest Threat
In a heated conversation, Onledger asserted that the “greatest threat to the XRP ledger is the team everyone idolizes (Ripple),” and is presently looking to inflict additional harm by hiding its XRP sales through the Ethereum Virtual Machine (EVM) sidechain.
Onledger further claimed that there is “no other explanation” for why the payment firm is rushing with hooks unless “XAHAU and hooks pose a threat.” Although Hooks would provide smart contract capability to the XRPL, it is important to note that Ripple has demonstrated prudence in this regard.
The post read:
Been saying it for ages. The team that everyone looks up to, Ripple, poses the greatest threat to the XRPL. They will now use EVM to shit on everyone even more. There is no other reason why they are suddenly using hooks except because XAHAU and hooks pose a threat.
According to Onledger, the only reason why Ripple is thinking about implementing an EVM sidechain is hooks. Moreover, they claim that the payment company is adopting the EVM sidechain in order to “wrap its XRP and sell it off anonymously.” However, this was something they were unable to accomplish while utilizing “native smart contract capability.” As a result, Ripple is now quiet about the EVM sidechain, which is why no one has come across anyone willing to “run witness servers.”
Ripple Chief Technology Officer (CTO) David Schwartz has weighed in on the subject, refuting Onledger’s claims. In response to the allegations, Schwartz stated that the financial firm would not need to take such drastic measures if it truly intended to conceal its XRP sales over time. “Ripple can sell as many tokens as we want on crypto exchanges with less responsibility than selling them on blockchains,” Schwartz stated.
Exchanges Do Not Provide Anonymity
Meanwhile, Onledger disputes Schwartz‘s statement saying that “cryptocurrency exchanges do not provide for Ripple’s anonymity,” while drawing attention to a previous statement made by the CTO regarding the firm’s ODL-related sales with a United States Nexus.
It is noteworthy that in July 2023, concerns about sales related to ODL were raised when a US court ruled in favor of the US Securities and Exchange Commission (SEC) and declared that XRP, which Ripple offers institutional investors, is a security.
Onledger believes that Ripple is utilizing the EVM to make their operations anonymous. However, Schwartz once again responded, saying that “no one else knows who we are, but the exchanges do.”
Featured image from iStock, chart from Tradingview.com
