XRP vs Ethereum: Centralization Debate, ETH Gate Scrutiny Intensifies – Coinpedia Fintech News
Renowned Thai crypto influencer Mahachai has criticized the centralization of XRP, questioning its legitimacy.
New evidence has come to light suggesting that Ripple’s CTO may have held the blueprint for the XRP Ledger as far back as 1988.
The term “ETH Gate” is gaining traction, particularly among XRP enthusiasts, who allege that Ethereum has received a “free pass” from regulators.
Renowned Thai crypto influencer Mahachai has boldly criticized the centralization of XRP, questioning its legitimacy. His outspoken remarks highlight the ongoing debate within the crypto community regarding the centralization of XRP nodes, an issue that has cast a shadow over Ripple for years.
Here’s a detailed look at what was recently unveiled.
Is XRP Centralized?
Mahachai’s critique revolves around XRP’s inability to identify the individuals behind its centralized nodes. This lack of transparency, according to him, renders XRP an illegitimate tool for anyone. Furthermore, he has accused Ripple’s CEO, Brad Garlinghouse, of manipulation.
Murky Origin Story
Recently, new evidence has come to light, suggesting that David Schwartz, Ripple’s Chief Technology Officer, may have held the blueprint for the XRP Ledger as far back as 1988. Yes, you read that correctly—1988! This stunning revelation was unveiled by EDO Farina, a vocal XRP advocate, on Twitter. Farina drew comparisons between Schwartz’s 1988 patent and the current XRP Ledger, sparking intense debate within the XRP community.
Read More: Was the XRP Ledger Centralized from the Start? Ripple Community Debates
Ethereum in the Hot Seat
The term “ETH Gate” is gaining traction, particularly among XRP enthusiasts. Influential figure Influencer Whale brought attention to this by highlighting what appears to be cozy relationships between key Ethereum figures and U.S. regulatory bodies. The tweet pointed to Joseph Lubin’s hiring of Patrick Berarducci, alleged email exchanges between Hinman and Lubin, and Jay Clayton’s post-SEC involvement with One River Digital Asset Management—a company with substantial Ethereum holdings.
This has led to speculation whether Ethereum has received a “free pass” from regulators while projects like XRP face heightened scrutiny.
Another point to be noted is that Ethereum now faces its own existential challenges, such as scalability, setting the stage for rival platforms like XRP to carve out their territories.
Ripple’s Resilience
Despite the controversies, Ripple continues to make significant progress. It is being utilized by numerous global banks for efficient and cost-effective payment transfers. Moreover, it is under consideration by the Colombian government for applications related to land registry. With Ethereum grappling with scalability problems, Ripple, along with other blockchain projects, seems poised to capitalize on any opportunities arising from Ethereum’s market hold.
Read More: Ripple Price Prediction: Here’s When XRP Price May Hit New All-Time High (ATH)
Mahachai’s outspoken critique, along with the revelations about Ripple’s CTO, adds to the intrigue and debate surrounding XRP’s centralization.
What are your thoughts on the “ETH Gate” allegations?
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