The XRP community is closely monitoring and criticising David Schwartz, the Chief Technology Officer (CTO) of Ripple, for his recent remarks supporting the 10 XRP reserve cost needed to activate accounts on the XRP Ledger (XRPL).
The discussion has gotten a lot of traction as community members voice their worries about how the charge would affect adoption and offer substitutes.
The Debate Over Fees
When SpendTheBits, an XRPL-based payment service, questioned the cost’s need and ability to impede further adoption, the debate surrounding the XRPL reserve fee was sparked again.
Ripple CTO Defends 10 XRP Fee, Community Reacts,Ripple CTO Defends 10 XRP Fee, Community Reacts
A contentious debate about the post went viral in the community, with many people advocating for either no fees at all or far lower rates.
David Schwartz addressed the community’s worries and defended the reserve charge, emphasising its vital role in stopping spam and preserving the XRPL network’s integrity.
He underlined that in addition to giving users access to an owner directory, an account, and other crucial XRPL features, the charge serves as a financial deterrent.
According to Schwartz, the reserve fee is used to pay transaction costs rather than being paid directly to users. It may be recouped by deleting objects or the account.
He used the recent case of Poloniex, a cryptocurrency exchange that successfully recovered $1.5 million in fees by deleting over 85,000 XRP accounts, to demonstrate his argument.
Proposed Alternative Solutions
Some XRP community members aren’t satisfied by Schwartz’s explanation, and they still support alternate strategies for preventing spam without charging new users.
A hefty reserve charge could be unnecessary by investigating the usage of Decentralised IDs (DIDs), according to XRPL expert Chris Larsen, to authenticate distinct human identities.
Larsen thinks that DIDs may eventually provide a workable answer, despite the fact that they are still in the early stages of research.
Schwartz retorted that while he saw the possibility of DIDs, granting them does not indicate a person is uniquely himself. He mentioned Worldcoin’s strategy as an example of a possible fix, but he also pointed out the difficulties in decentralising identity verification.
Ripple CTO Defends 10 XRP Fee, Community Reacts,Ripple CTO Defends 10 XRP Fee, Community Reacts,Ripple CTO Defends 10 XRP Fee, Community Reacts , Ripple coin Crypto news, Ripple coin News