By
Temitope Olatunji
April 23rd, 2024
The XRP Ledger Foundation aims to be a vehicle for driving innovation, growth, and development of the XRP Ledger as well as of its community.
The newly founded XRP Ledger foundation has now come out to deny rumors about abandoning XRP as the main token. The foundation made it clear that they have no intention of investing in the XRP Ledger development in the near future.
On September 24, XRPLF spokesman Bharath Chari denied the rumors going on during an interview with Forbes. He said that the newly formed foundation does not have ambitions to take over the non-circulating XRP supply from the primary platform. The rumors about controlling ripple’s token supply emerged within the XRP community right just after the foundation came into existence.
The newly formed foundation aims to be a vehicle for driving innovation, growth, and development of the XRP Ledger as well as its community. Therefore, such notions have made the community be in a state of confusion as the rumored roles tend to overlap those of ripple.
Fortunately, it is a good thing that Chari has come out to refute such rumors XRPLF would not engage in XRPL’s future development as he made clear that Ripple has no intention to invest in XRPL’s future heavily. He was quick even though to say that the foundation would continue to engage with Ripple as a “key developer”:
“XRPLF sees Ripple in a continued role as a key developer on both the technical and business aspects of the XRPL. Furthermore, the XRPLF is only an entity that promises to act in the best interests of the XRPL.”
XRP Non-circulating Supply under Ripple’s Control
Forbes correspondent asked if Ripple intends to transfer the non-circulating supply in large portions to the XRPLF so that the XRP Ledger becomes more decentralized.
“The non-circulating supply isn’t of any concern to the XRPLF. We are purely focused on the health and forward direction of the XRPL. As answered earlier, and also indicated in some other statements by Ripple, they are committed to the greater good of the XRPL, including devoting resources to develop on it,” Chari replied.
In addition, Chari said that there was no agreement between XRPLF based on the allocation of the non-circulating XRP delivery share since the foundation is only mandated to focus on its original intent.
Ripple’s Path towards Decentralization
Likewise, the fund has no agreement with Ripple with regards to taking over of XRP Ledger software repository – but they will jointly towards repository and packaging via merge access.
XRPLF intends to overtake the Unique Node List (UNL) from Ripple in yet another decentralization step. The selection and performance criteria of the new UNL will be transparent, as Chari promises.
If XRP is locked in escrows for a couple of years, Ripple will lose most; but, if XRP is widely adopted, Ripples gains the most. In that regard, enhancing the XRPL would bring balance and benefit Ripple more than other organizations.
Earlier in the month, Ripple, Coil and Gatehub gave grants totaling to about $6.5 million to XRPLF to enable it to accelerate XRPL’s development.