Ripple’s CTO Reacts Following The Statement Of Bitcoin.com’s CEO On XRP And Addresses The Freeze Issue
Ripple’s CTO and also one of the original architects of the XRP Ledger, David Schwartz reacted to Roger Ver’s claims on XRP.
Roger Ver is the CEO of Bitcoin.com. he is known as Bitcoin Jesus and he’s been faced with tons of backlash on social media after he stated that XRP is not even a crypto.
Roger speaks about his investment in Ripple
During a recent interview, Roger addressed his investment in Ripple, the company.
He said that technically he is the second person who is involved in Ripple.
He also stated that Jed McCaleb who is the co-founder of Ripple and Stellar Lumens spoke to him regarding the whole idea behind Ripple.
The main idea behind XRP was to develop an enhanced version of Bitcoin (BTC) which did not require mining since Jed considered mining useless and wasteful.
This would result in less electricity and it could do everything that Bitcoin does but it a more reliable and uncontrollable way.
Since Bitcoin was not able to get traction and the market cap was 10 million bucks according to him and it was trading at $1 each, Roger Ver decided to invest in Ripple.
Roger stated that Ripple is better compared to the banking system because here users have to pay $35 to send a wire transaction if it ends up getting the mainstream adoption.
On the other hand, he also said that Ripple has the ability to freeze users’ accounts.
David Schwartz commented on an article by AMBCrypto and said that Ver “went form a person who was driven entirely by devotion to principles of individual liberty to someone who will lie and distort the truth to advance a system he is invested in. 1/2″
Ripple freeze issue
David Schwartz also clarified that XRP Ledger has a freeze feature for other assets on the XRP Ledger.
The XRP Ledger allows for trading of assets and issuances and only the issuer can freeze those.
He wanted to highlight the fact that the freeze feature has no effect on XRP as XRP is not issued by anyone.
Jed McCaleb is the CTO of Steller, which is an open-source, protocol for digital currency to fiat money. Prior to co-founding Steller, McCaleb was also the founder of Mt.Gox exchange as well as serving as the CTO to Ripple and is also known for creating Magic: The Gathering Online Exchange, and the peer-to-peer eDonkey and Overnet networks.
Know affectionately at ‘Bitcoin Jesus’, Ver was an early investor and promoter of Bitcoin. While one of the five founders of the Bitcoin Foundation, in 2017 Ver was an avid supporter of the Bitcoin hard fork to create Bitcoin Cash. Ver was central to opposing Bitcoin Cash’s hard fork in 2018 (creating Bitcoin SV), and has recently taken to Facebook, giving away BCH to encourage adoption.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.