Is XRP Decentralized? Cyber Capital Founder Says It's 'Straight-Up Fraud'
Key Summary
Justin Bons, founder of Cyber Capital, claims XRP advocates are duping retail investors by calling XRP decentralized, citing the use of undocumented software code and recommended validator lists that give publishers too much power over the network. A recent XRP Ledger update aims to address security concerns, but Bons argues that keeping source code undisclosed leads to unnecessary security risks.
The XRP Decentralization Debate Revisited
The XRP decentralization debate is heating up again, with Justin Bons, the founder of Cyber Capital, claiming that XRP advocates are duping retail investors ahead of a controversial XRP Ledger update.\n\n\n
The Controversy Surrounds the XRP Ledger
Bons cited the use of undocumented software code by the XRP Ledger in its recent development as an example showing major flaws in the network's governance and consensus system. The XRP Ledger developers shipped an emergency software update on September 25, version 3.4.1 for the XRP Ledger server software, which tackles security-sensitive problems and adds the fixBatchV1_2 amendment.\n\n\n
Recommended Validator Lists and Security Concerns
Bons believes that keeping the source code undisclosed leads to unnecessary security concerns. He argues that the existence of recommended validator lists gives publishers too much power over the network. In the eyes of Bons, the recommended lists are a major flaw in the XRP Ledger's governance system.\n\n\n
The XRP Ledger's Unique Node List Model
The XRP Ledger depends on validators that individual network participants must trust. Ripple and the XRP Ledger Foundation publish lists of recommended validators that are used by default in the server configurations. Anyone can run a validator for the XRP Ledger, but that doesn't necessarily mean they have any say in consensus. The other participants need to include them in their trusted list. Technically, node operators may use any validators they wish, but XRP Ledger documentation warns that inadequate shared lists may lead to a node diverging from the rest of the network.