Type to search

blockchain industry cryptocurrency rate News Ripple

Ripple could burn $ 29 billion tokens.

Share
Ripple

Ripple could burn $ 29 billion tokens. How will this affect the XRP rate?

CTO of a blockchain startup David Schwartz spoke about the conditions under which a company can burn 48 billion of its coins and how this will affect its value.

Ripple

 

David Schwartz, CTO of blockchain startup Ripple, has confirmed that the XRP token network validators involved in transactions can force the company to burn its 48 billion coins – that’s just over $ 29 billion, a company spokesman said on his Twitter account, answering a question subscriber.

Ripple will not be able to prevent the burning of tokens if the entire cryptocurrency network validator community votes for such a decision, Schwartz emphasized. He added that coins can be destroyed, for example, if paid as a transaction fee or sent to a wallet that no one has access to.

“There is no way Ripple can stop this. Public blockchains are very democratic. If the majority wants to change the rules, the minority will not be able to prevent it in any way,” – wrote Schwartz.

How can this affect the XRP (Ripple) price?

Ripple

Ripple has issued just 100 billion XRP tokens. In 2017, the company froze 55 billion coins, thus showing that it would not be able to sell the entire stock of the cryptocurrency at once and crash its rate. Since then, the startup has been unlocking 1 billion XRP every month. At the moment, according to the Ripple website, there are still 48.3 billion XRP in storage.

If Ripple burns 48 billion tokens, which is half of the emission of the cryptocurrency, this could positively affect its price. This has already happened with the Stellar project. In November 2019, the Stellar Development Foundation (SDF) destroyed 55 billion of its XLM tokens – just over half of the asset’s issuance – followed by a 16% rise in value.

Read actual crypto news every day on https://news.bitxmi.com/

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com
bitcoin
Bitcoin (BTC) $ 32,711.00 2.49%
ethereum
Ethereum (ETH) $ 1,439.47 16.54%
tether
Tether (USDT) $ 0.998556 0.13%
polkadot
Polkadot (DOT) $ 18.08 1.70%
ripple
XRP (XRP) $ 0.275753 1.67%
cardano
Cardano (ADA) $ 0.360648 4.58%
chainlink
Chainlink (LINK) $ 25.19 1.61%
litecoin
Litecoin (LTC) $ 142.47 3.72%
bitcoin-cash
Bitcoin Cash (BCH) $ 446.06 3.62%
binancecoin
Binance Coin (BNB) $ 42.63 4.65%
stellar
Stellar (XLM) $ 0.275770 2.56%
usd-coin
USD Coin (USDC) $ 0.999920 0.15%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 32,870.00 2.93%
uniswap
Uniswap (UNI) $ 12.23 30.68%
aave
Aave (AAVE) $ 268.74 20.94%
bitcoin-cash-sv
Bitcoin SV (BSV) $ 175.18 0.43%
eos
EOS (EOS) $ 2.73 0.22%
havven
Synthetix Network Token (SNX) $ 17.99 21.23%
monero
Monero (XMR) $ 139.84 0.41%
tezos
Tezos (XTZ) $ 3.11 4.95%
tron
TRON (TRX) $ 0.030068 1.22%
celsius-degree-token
Celsius Network (CEL) $ 5.38 12.00%
vechain
VeChain (VET) $ 0.031239 3.91%
cosmos
Cosmos (ATOM) $ 8.26 1.50%
nem
NEM (XEM) $ 0.218309 1.23%
theta-token
Theta Network (THETA) $ 1.96 1.07%
neo
NEO (NEO) $ 25.06 1.29%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.073648 2.09%
okb
OKB (OKB) $ 5.93 0.23%
compound-ether
cETH (CETH) $ 29.07 17.43%
dai
Dai (DAI) $ 0.999712 0.08%
maker
Maker (MKR) $ 1,487.50 6.57%
cdai
cDAI (CDAI) $ 0.021042 0.24%
leo-token
LEO Token (LEO) $ 1.33 4.78%
iota
IOTA (MIOTA) $ 0.459250 2.15%
binance-usd
Binance USD (BUSD) $ 0.999420 0.06%
huobi-token
Huobi Token (HT) $ 5.81 0.24%
dogecoin
Dogecoin (DOGE) $ 0.008804 2.96%
sushi
Sushi (SUSHI) $ 8.53 19.12%
dash
Dash (DASH) $ 107.87 2.80%
compound-governance-token
Compound (COMP) $ 256.33 21.52%
compound-usd-coin
cUSDC (CUSDC) $ 0.021436 0.12%
filecoin
Filecoin (FIL) $ 22.70 0.34%
zcash
Zcash (ZEC) $ 91.38 6.18%
yearn-finance
yearn.finance (YFI) $ 32,667.00 6.14%
avalanche-2
Avalanche (AVAX) $ 12.47 2.65%
solana
Solana (SOL) $ 3.68 4.41%
ftx-token
FTX Token (FTT) $ 10.57 8.91%
kusama
Kusama (KSM) $ 104.06 3.03%
ethereum-classic
Ethereum Classic (ETC) $ 7.81 5.17%