People in the cryptocurrency market have always wondered if XRP was truly decentralized or not. The biggest concern was related to validators being owned by Ripple itself, however, XRP has recently just hit a tremendous breakthrough where 80% of its validators are not owned by Ripple.
According to the XRP’s Validator Registry, only about 20% of the validators are controlled or associated with Ripple. Validators are nodes that participate in the consensus process of Ripple to validate transactions. This is one of the most important tasks to maintain the XRP network.
Ripple allows operators to associate any node with any specific domain that is under their control. According to the official website, this encourages trust and transparency. The Ripple team stated that they are actually planning to reduce their presence even more and eventually to leave the process to third-parties entirely.
The cryptocurrency exchange, CoinField has recently launched an XRP validator and has reportedly been working on a new project based on the XRP ledger. According to the official announcement on Twitter, Coinfield said the project will be a game-changer.
“We have a great team of advisors in our upcoming #XRPL project. All well-known figures in #cryptocurrency space. I’ll be thrilled to announce the names & the details of the project very soon. This will be a game-changer!”
Ripple’s XRP has seen a 32% loss in price this year, currently trading at $0.279. A big loss compared to most of the other top cryptocurrencies which have experienced a pretty significant increase in price this year.
Fortunately, the adoption of XRP seems to be increasing, in fact, the company recently invested $750,000 in the cryptocurrency wallet, BRD, to boost XRP adoption.
“The partnership and investment will enable BRD users to hold, buy, sell and send XRP to anyone in the world’’ Stated the press release.