[Taklimakan Blog] Ripple May Destroy $29 Billion Tokens. How It Will 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. David Schwartz, CTO of blockchain startup Ripple, confirmed that the XRP token network validators involved in transactions could force the company to burn its 48 billion coins — 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.