<ul> 
 <li aria-level="1">Bons criticizes XRP’s reliance on Unique Node Lists (UNLs) for consensus, describing them as centrally controlled by Ripple.</li> 
 <li aria-level="1">According to Bons, Ripple’s network operates on a Proof of Authority model, contradicting advertised decentralized systems like PoW or PoS.</li> 
</ul> 
Justin Bons, the Chief Investment Officer and founder of Cyber Capital, recently ignited a significant discourse within the cryptocurrency community through a detailed critique of <a href="https://www.ethnews.com/ripples-filedgr-initiative-enhances-ai-data-authentication-using-xrp-ledger/">Ripple’s XRP</a>. 
In a series of tweets, Bons contested the decentralization claims made by Ripple, asserting that the network operates more centrally than advertised. 
Bons’s primary argument centers on the nature of Ripple’s consensus mechanism, which involves Unique Node Lists (UNLs). 
According to Bons, UNLs represent a centralized approach to network management, as they are curated lists of trusted nodes predominantly released by Ripple itself. He stated: 
<blockquote>
 “Ripple’s network is centralized and permissioned, which contradicts the decentralization claims promoted by its executives.”
</blockquote> 
He further explained that <a href="https://www.ethnews.com/ripple-and-archax-launch-worlds-first-tokenized-money-market-fund-on-xrp-ledger/">XRP’s operational framework</a> depends significantly on Proof of Authority (PoA), a system where transaction validation is controlled by designated authorities, as opposed to decentralized mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) employed by other cryptocurrencies such as Bitcoin and Ethereum. 
Bons emphasized the issue with Ripple’s promotional claims about its network’s structure. He argued that these claims are misleading to investors, particularly retail buyers, and equate to misinformation. In his tweet, he mentioned: 
<blockquote>
 “The foundation has total control over the network, leading investors to a skewed understanding of XRP’s operational ethos.”
</blockquote> 
Moreover, Bons highlighted the problematic nature of having to trust certain nodes within the UNLs, which goes against the principle of a trustless system that characterizes truly decentralized networks. 
He noted that while users can modify their node lists, the necessity to trust specific nodes introduces a fundamental contradiction to the ideal of decentralization. 
Bons also addressed the technical requirements for consensus within the <a href="https://www.ethnews.com/xrp-ledger-implements-key-upgrades-prepares-for-ripples-rlusd-launch/">XRP ledger</a>, pointing out that a 90% overlap in UNLs is needed for network consensus. This requirement, he argued, limits network flexibility and inclusivity, stating: 
<blockquote>
 “Insufficient overlap between an individual’s UNL and the network’s consensus UNL can result in exclusion from the network.”
</blockquote> 
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</div> 
XRP (Ripple) is currently trading at $2.73414 USD, reflecting a 19.05% increase in the last 24 hours. Over the past month, XRP has surged by 432.75%, and its year-to-date performance shows a 343.96% gain, emphasizing the token’s significant growth in the current market cycle. 
XRP has also reclaimed its position among the top cryptocurrencies by market capitalization, now standing at $155.80 billion USD. 
The post <a href="https://www.ethnews.com/justin-bons-claims-ripples-xrp-network-is-centralized-challenging-its-decentralization-claims-with-detailed-arguments-on-x/">Justin Bons Claims Ripple’s XRP Network Is Centralized, Challenging Its Decentralization Claims With Detailed Arguments On X</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Justin Bons Claims Ripple’s XRP Network Is Centralized, Challenging Its Decentralization Claims With Detailed Arguments On X

ETHNews

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