Ripple Proposal Sparks Validators to Leave XRP ECOSYSTEM Causing Loss to the Network

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Hey hey everybody it’s Eddie from Tokyo this is your cryptocurrency update from Japan and there is an amazing article written in French behind a pay wall but I paid to read it and I will share the translated Alpha in a second video because this video is all about some

Critical changes and announcements that have been made regarding the xrp Ledger and yes if you hold xrp it does affect you why well it’s about three things first The xrp Ledger stability second The xrp Ledger reputation and third The xrp Ledger proposed governance changes

So as a holder you want to have a stable Network that attracts Builders and Builders bring value as a holder reputation does matter specifically to attract the instit tional investors and as a holder the governance proposal is asking for money in the form of an annual contribution from people like you

And me let’s get into It the proposal came from Ripple by way of an engineer this is David feling he published The Proposal yesterday on GitHub in a nutshell the proposal has caused more than a stir there are validators that are leaving the network now keep in mind this is

Just a proposal and what he wants is a more formalized membership structure as the source for all authority and oversight Over The xrp Ledger Foundation that’s really important to remember he also proposes a new mechanism for electing the foundation’s board of directors and The xrp Ledger Foundation which is currently located in

Estonia is organized as a nonprofit but according to him he doesn’t believe it’s clearly defined for the membership so he has outlined these goals to increase representation to have more clarity in the government and increase participation he also wants to create membership classes and when I mean class

Is a tiered membership the beginning membership starts at 75 xrp that’s paid yearly 500 xrp with one to 10 employees so that represents kind of a small to mediumsized company and up to 500,000 xrp for large companies and then there is a highest membership which is called

The sustaining members that is 1 million xrp per year now the board would have bylaws and it would have a corporate structure with a chair a vice chair a secretary a Treasurer and an executive director so I left my comment on GitHub as follows in the introduction the implication that The xrp Ledger

Foundation requires oversight suggests a lack of self-governance which is reget redible as it appears akin to a takeover negative actions by the DLS have already been observed as a result and so the establishment of these different membership classes also in my opinion Foster a division it hints of classism which is

Discriminatory if a membership fee is to be implemented using a fixed Fiat amount for the xrp would be I think more practical than tying it to a set number of xrp tokens because the price movement of the asset changes for example if you were going to fall into that sustainable category with

1 million xrp and the digital asset was priced at $5 that is a five million contribution annually that’s a little bit crazy now on Ledger who left about a year ago and I know he’s not easy gol lucky for some but he’s an important contributor even still today to the

Ecosystem for sure not everybody shares my feel but that is how I feel and it’s okay if you disagree with me it is what it is the second infrastructure provider however who has left today was alloy networks this is a most critical contributor they not only are a voting

Validator but they also provide the servers for peering currently there’s only three that operate those pool servers one being Ripple Labs the second one operated by alloy networks and then one operated by ISR R DC there is a post that alloy networks left just in the

Last hour and it goes on to say that it is time for the so-called Enterprises to step up and run this decentralized system what’s the point of having a few players running critical infrastructure arguably even one in this case if indeed there are Enterprises of any significant

Size actually using The xrp Ledger well one of those Enterprise users is sologenic they are operating their corium blockchain which has a bridge and they’re under a major expansion with the xrp ledger so if there are changes to the xrpl governance I think that heavy users especially profit driven

Businesses should be required to contribute to infra before taking money from the retail investors and so I really hope that sologenic steps up and starts running some infrastructure shortly after the alloy Network’s announcement today we heard from short the fomo who said he’ll be decommissioning two main net nodes his

Xaps will also be removed so the time testing releases will be spent elsewhere participation on this network will be phased out he says now Mickey B fresh yeah he has had his his uh situations with off lger and um they they didn’t get along too well so he says good

Riddance but I I don’t necessarily think it’s really good to flush them all out he says it’s it’s for the best to flush out those that don’t want to be here and don’t have financial interest in the network you wouldn’t be leaving if you had a financial interest in the

Network well I don’t know um you know I Mickey B and I get along very well and we love to collaborate together but um this uh best incentive is no incentive is not working in a space that I was in today we were talking about how everod

Has been able to spin up uh nearly 3,000 nodes in well I don’t even know like 10 days and so y incentive some sometimes does create a healthy uh Network and ecosystem and produces great decentralization so I guess I don’t fully agree that no incentive is the

Best incentive and and that’s maybe one aspect of the proposal by the engineer David feling that is good and mayuka also chimed in and thought the same thing mayuka is one of the developers at RI let me read you her tweet she’s been on the channel and I thoroughly enjoyed

Having her on and I really enjoy watching her post too so she says that that was actually one thing she liked about the proposal that funding can come from diverse uh sources including from businesses running on the xrpl if they want to have a say in whatever this

Organization is they need to pay and some of those funds could be be used for the infra and then you have Gaz who said nah it’s easier for people who build a business on The xrp Ledger to just sponge off the legit infrastructure providers you know the ones who Do It

For the Love of the network and at their own expense rest in peace decentralization on The xrp Ledger well G I I I hope that we’re not going to say goodbye to decentralization and hello centralization um yeah it’s going to be a lot of discussions conversations I think there’s going to

Be a lot of feelings that are hurt um I do know that everybody is most interested in what waa is going to say he’s left one comment on GitHub let me show you that his comment is xrpl foundation appreciates the concerns put forward by Ripple and that the xrp PL foundation

Will look into options and consider Frameworks feasibility and possibilities I know there’s a lot of discussions going on behind the scenes H but I do look forward to having whea wind and ripple give some public statements and of course Hugo is always paying attention he said if you care about operating quality infrastructure

Competitive decentralized data and meaningful decentralized governance flare is your network well as you know I am a big flare Network fan and yeah it hasn’t been all rainbows and unicorns on figuring out the governance there but um yeah it’s working pretty good now and uh

It looks like The xrp Ledger is going to go through a little bit of some rough spots and in addition there is one thing I want to point out from pan he says that the Stellar organization is supporting a delay of next week’s planned sodon which is their

Smart contracts upgrade after a bug was found yeah despite little risk they say it still is you know a bug and so it’s a very good example Panos says of why amendments especially big and new features should never be rushed and must be tested thoroughly and yes I do look

Forward to bringing you the details of this article that appeared in the Swiss media about Ripple setting up shop in Switzerland building out a team of 100 and it’s going to be a big part of their business I’m talking about custody all right everybody do take care sign off for now byebye