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Tuesday, June 25, 2024

Ripple (XRP) CTO Shares Thoughts on Proposed XRPL Governance Changes

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Ripple’s Chief Technology Officer, David Schwartz, has shown his support for the proposed governance changes within the XRP Ledger Foundation (XRPLF).

The move comes in response to a comprehensive proposal by XRP Ledger developer David Fuelling, aiming to enhance transparency and decentralization within the XRPL governance systems.

Open Dialogue and Community Involvement

In a recent social media post on X, Schwartz commended Fuelling’s initiative:

“Appreciate this public clarity from you, @sappenin. David also shared his proposal with me as a courtesy beforehand, as he did with XRPLF, and the Foundation was receptive to the proposal.”

He further emphasized that any community member can contribute ideas and proposals without “permission.” Schwartz described the proposal as a “straw man” to stimulate open dialogue and gather diverse suggestions.

He added,

“There’s no pressure to adopt it as-is; instead, it’s a starting point and opportunity for collaborative refinement and exploration.”

Some people have expressed skepticism about the proposal, suggesting that it might be perceived as an attempt by Ripple to take control. Onledger.net raised questions about specific elements of the proposal, particularly the role of the Sustaining Member.

The concern stems from the belief that, given the 1 million XRP fee associated with this membership level, Ripple is likely the only entity capable of fulfilling this requirement.

Furthermore, the authority granted to the Sustaining Member to appoint a Sustaining Director with an unlimited term has sparked apprehension about a potential power play by Ripple, although this remains speculative.

David Fuelling’s Proposal

Fuelling’s proposal, released on Sunday, aims to enhance transparency and democracy in XRPL governance by decentralizing and making it member-driven.

He advocates for increased stakeholder representation, allowing them to influence the XRPL community’s affairs formally.

The proposal emphasizes formalized membership to encourage greater participation and stakeholder contributions in terms of time, money, and resources.

The suggested changes introduce three membership classes: Individuals, Corporations, and Sustaining Members, each with specific eligibility criteria and associated fees.

Annual fees include 75 XRP for Individuals, 500 XRP for Corporations with 1 to 10 employees, up to 500,000 XRP for larger corporations, and approximately 1,000,000 XRP for Sustaining Members.

To ensure representation, the Board of Directors comprises a minimum of three Community Directors, one Corporate Director, and one Sustaining Director.

Community Directors serve two-year terms, Corporate Directors serve one-year terms, and Sustaining Directors have no term limit and are appointed by their respective sustaining members.

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