- The “permissioned” list
- “Fooling” the SEC and retail
Crypto researcher Justin Bons has slammed the Ripple-linked XRP Ledger cryptocurrency and several other major networks, arguing that these are “centralized blockchains” that fundamentally betray the ethos of the crypto movement.
Bons argued that the industry must draw a hard line against networks that rely on permissioned elements.
“We must reject all centralized ‘blockchains’!” Bons wrote. “Centralization is not the future of finance; requiring permission from an authority is not decentralized!”
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The “permissioned” list
XRPL, Stellar, Hedera, Canton, and Algorand are among the blockchain networks that have been singled out by Bons. He has argued that they rely on “Proof of Authority,” which is not true decentralized consensus.
XRP has faced particularly harsh criticism due to its controversial “Unique Node List” (UNL), which is a recommended list of validators that nodes.
“Ripple: Has a ‘Unique Node List’, which makes the validators effectively permissioned,” Bons explained.
“Fooling” the SEC and retail
The thread sparked immediate backlash from XRP proponents. One user accused Bons of a “scary twisting of reality” regarding XRP’s architecture.
Bons fired back, claiming that Ripple’s marketing has successfully misled both the public and regulators.
“XRP convincing masses of ignorant retail investors that they are more decentralized than BTC & ETH is the scary reality here,” Bons retorted. “Even fooling the SEC & saving their own asses in the process. They cannot fool real crypto researchers; we know the difference!”
According to the researcher, credible neutrality, censorship resistance, privacy, and immutability can only be achieved on a fully permissionless and decentralized blockchain.
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