Defenders vs critics: experts respond to Tone Vays' allegations against Ripple

This article comes from NewsLogical

Original author: Olayode Yusuff

Odaily Planet Daily Translator | Yu Shunsui

A Ripple and XRP token expert has responded to almost all allegations made by Bitcoin expert and trader Tone Vays, the latter a firm critic of Ripple and XRP.

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Tone Vays once claimed that Ripple illegally sold its pre-mined digital tokens to people. Tone said he has been troubled by Ripple's decision to sell securities without considering regulatory implications. He claims that the Ripple token XRP is the company's securities and the creator of the XRP should be held responsible.

In response to Tone Vays, on BlockTV's Chainbreakers show, Ripple / XRP expert Matt Hamilton said he found Tone Vays's assessment of Ripple and XRP surprising. Matt Hamilton is said to be a software developer and consultant to Royal Bank of Scotland, NHS, Oxfam GB, Belron International and University of Bristol.

Hamilton states that Tone deliberately or through his ignorance brought Ripple and XRP tokens into conflict together, which is the only way he can make such a debate. He noted that Ripple had no "illegal activity" in creating XRP.

Hamilton stated that Ripple Labs and XRP tokens are separate entities, but they interact with each other, just as Bitcoin and Bitmain affect each other. He said that the XRP token was created even before Ripple was launched.

He noted that the XRP ledger was created by three people who later founded the Ripple company.

When asked how Ripple introduced XRP as a pre-mined digital token and that they now have the largest share of XRP in total, Matt Hamilton said that he cannot speak for Ripple because he is not an employee of Ripple.

However, he said that Ripple has been focusing on XRP adoption. Ripple is one of the few companies that excels in this area.

"I happen to like the Ripple company. I think they are doing very well. They are one of the few companies that does something concrete, measurable, and successful in the cryptocurrency space."

"They are connecting the world of cryptocurrencies with the world of existing finance."

XRP is driving widespread adoption of XRP and cryptocurrencies. He said that Ripple provides companies with on-demand liquidity (ODL, formerly known as xRapid), making it easy for them to transfer funds across borders using XRP cryptocurrencies.

He pointed out that Ripple does hold about 60% of the existing XRP, but Ripple has not dumped billions of XRP in the market. He added that Ripple releases funds into escrow accounts maintained by the blockchain. It was the escrow account that released 1 billion XRP.

Ripple explained how the escrow account works in a blog post, and Ripple claims that it locks 55 billion XRP (55% of total supply) into different escrow accounts.

Escrow accounts are based on ledgers. The ledger mechanism implemented based on consensus controls the issuance of XRP. As we all know, escrow accounts release 1 billion XRP per month, which will be completed in the next 55 months.

At the same time, Matt Hamilton further stated that because the XRP ledger is distributed, only 1% of the nodes are owned by Ripple. However, if Ripple behaves negatively, other node holders can take action against Ripple.

He pointed out that this is not the case for Bitcoin, as a larger percentage of Bitcoin miners (about 66%) are in China.

He said that no matter how much XRP people hold, people are doing wonderful things on XRP, and if Ripple no longer exists, people will continue to use XRP tokens.

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