According to CryptoPotato, a recent conversation on X, formerly known as Twitter, featured Ripple expert Wietse Wind, founder of XRPL Labs, debunking common misconceptions about the XRP Ledger. The discussion began when an X.com user criticized the XRP Ledger for being behind other blockchains despite being around since 2014. In response, Wind addressed several myths about the XRP Ledger.
Myth #1: XRPL is centralized. Contrary to claims that XRPL is centralized due to RippleNet's API-based operation, the XRP Ledger is decentralized, using a hash-based consensus mechanism through a network of trusted node validators.
Myth #2: XRP lacks smart contract and DeFi capabilities. The XRP Ledger protocol does support token issuance, programmable money, smart contracts, and decentralized finance applications (DApps), including decentralized exchanges (DEX).
Myth #3: There's regulatory uncertainty around XRP. Wind stated that the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission is 'mostly irrelevant' to the value XRP provides. Ripple is currently in the remedies phase of the trial and may settle with the SEC or continue fighting up to the Supreme Court.
