China has been sitting on top of the cryptocurrency mining scene since the very beginning, with players like Bitmain and Bitwei leading the industry. Due to this, China’s dominance in the Bitcoin [BTC] realm has taken a firm stand, flashing red in the face of country’s like the USA. In this context, many reports have emerged online to convey that the Trump administration might bank on XRP to counter China’s BTC dominance.
The news started circling around after the interview of Ripple’s Chief Strategist, Cory Johnson with crypto-focused magazine Breaker. Here, Johnson implied that XRP is already up in the cryptocurrency game due to the two aspects that it offers. Since the coin does not require mining, it is beneficial from a foreign-control perspective and an environmental one as well. Regarding the White House’s approach to XRP, he also hinted:
“The White House in particular seems to be thinking about what it means to have 80 percent of bitcoin mining taking place in China and a majority of Ether mining taking place in China.”
Next, the interview took a turn to discuss the allegations of XRP centralization on the parent company, Ripple. According to the official, the statement that Ripple is creating centralization in the XRP ecosystem by controlling its validators is far from the truth. Furthermore, he clarified that his company only controls about 10 out of the 150 validators out there.
Secondly, he also spoke about Ripple owning 60% of the XRP that projects the cryptocurrency to have been centralized. Here, Johnson responded by stating that Ripple is just ahead in the journey to utilize and develop on XRP. In his words:
“Forty percent of it is out there in the world and being used by other companies to develop other technologies. We’re just further ahead than everybody else. “
More so, he also referred to a cryptographic lock that Ripple has created to avoid any unethical sellout of the coin into the market.
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