Ripple exhibits a few traits that many in the cryptocurrency community do not approve of. Cryptocurrency purists have always judged new coins by a few important factors.
On top of that list has always been decentralization. However, one of the bigger coins in the cryptocurrency market has been hiding in plain sight with its centralized nature.
But, its recent boom that saw it finish last year as one of top performing crypto assets has seen it garner a lot of hate. Ripple, a token created by the company of the same name that aims to facilitate transfers between major financial corporations.
In this goal, it has seen much success over 2017 with a few major banks partnering with it. Despite working with central banks, it is the centralized nature that has many up in arms. When the system was created in 2013, the development team removed many of the key features you find in most other cryptocurrencies.
This was done in so that the token could be geared towards these major financial institutions, which is fine and probably necessary, but it becomes problematic when Ripple is counted in the same breath as Bitcoin and other very decentralized digital currencies. Ripple issues its token in a centralized fashion, unlike other coins which are mined and incentivized by people dedicating computing power to accumulate them. Read more from cointelegraph.com…
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