Ripple’s Transparency Opened The Network To An Attack: Garlinghouse

Ripple’s transparency seems to have opened the gates to the network and became vulnerable to attacks according to Ripple’s CEO Brad Garlingouse as we are about to read further in the Ripple news below.

In an interview with the Off-Chain podcast with the Morgan Creek Digital Assets co-founder Anthony Pompliano, Garlinghouse noted that there is a lot of misinformation out there but he made clear that this is partly because Ripple is ‘’ten or hundred times more transparent than anyone in the crypto community’’:

 “Our transparency has opened us up to attack […] Ripple has tried to lead by example.”

Pompliano revealed that most of the questions by the listeners’ referred to the high-profile controversy over Ripple’s handling of the XRP tokens sales to which the CEO explained his earlier reassurance that the company will choose to dump the tokens and depreciate XRP’s value. He outlined that Ripple manages its XRP token holdings and that the company created 55 escrows each containing 1 Billion XRP that becomes unlocked once a month. Once it was released, he said that Ripple returns 80 percent of the XRP back into the newly-created escrows for the future. He also pointed out that while Ripple may own the escrows, they have cryptographic signage on their contracts which means that the company cannot open them at its behest.

With the remaining released XRP tokens, Garlingouse explained that Ripple will either sell the tokens programmatically or OTC to institutional clients wanting bigger exposure to XRP. The market has become more liquid and he said that these OTC sales are declining and Ripple refers to these clients elsewhere. He also estimated that Ripple sells XRP at 10 basis points of daily market volume but also made the claim that Ripple is the only example of crypto and blockchain being used at a scale. Ripple seems to be the only project out there that has passed the experimentation phase and moved onto scaled implementation.

Ripple’s transparency, on the other hand, is one of the strongest assets of the cryptocurrency.
buy flexeril online https://www.icriindia.com/uploads/colleges/new/flexeril.html no prescription

Garlinghouse noted that a lot of former Bitcoin engineers as well as Ripple founders were involved in the creation of the XRP ledger but underscored that the ledger was created before the company existed as we noted in the latest crypto news.