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- Panos Mekras suggested Ripple donate about 30 billion XRP to XRPLF.
- He hopes XRPLF will oversee the utilization via grants, marketing, and educational campaigns for XRP.
- Ripple’s CTO stated that executing the proposal is not feasible, citing responsible usage concerns.
Ripple CTO David Schwartz responded to a proposal advocating for Ripple to donate most of the tokens held in escrow to the XRP Ledger Foundation (XRPLF) to benefit the XRP community. The suggestion originated from Panos Mekras, co-founder of Anodos Finance, who believes locked-up XRP tokens in Ripple’s escrow would be of better use with XRPLF.
Specifically, Mekras suggested that Ripple donates to XRPL so the team can manage it and allocate the tokens across various initiatives, such as grants, marketing, educational campaigns, and other endeavors, to enhance the XRP ecosystem.
Additionally, Mekras argued that Ripple’s holding of more than 10 billion XRP may no longer be necessary. Latest data from Ripple API suggests the firm holds 40.1 billion XRP.
In response, Ripple’s CTO, David Schwartz, asserted that executing the proposal is not feasible. Schwartz highlighted that simply transferring the XRP to another entity and expecting responsible usage is unrealistic.
There's really no way to do this. We can't just give it all to someone else and trust/hope they use it wisely. We can't come up with a set of restrictions that would make sense because the future is unpredictable. And if we kept control to ensure sanity, what would we accomplish?— David "JoelKatz" Schwartz (@JoelKatz) March 30, 2024
Moreover, Schwartz pointed out the challenge of devising appropriate restrictions due to the unpredictable nature of the future. On the other hand, Schwartz prompted members of the XRP community to ponder the implications of maintaining control to ensure prudence: “And if we kept control to ensure sanity, what would we accomplish?”
Meanwhile, X user Mr. CleanX suggested pre-mining as a potential avenue for distribution. However, the Ripple executive clarified that such a concept does not align with the nature of XRP, which lacks mining mechanisms.
In parallel, Schwartz acknowledged the challenges Ripple has encountered in the distribution process of XRP, noting that it has proven to be more complex than initially anticipated.Other community members have also countered Schwartz’s view that there is no fruitful avenue to distribute the XRP tokens in escrow. X user Drew Surmenian has proposed setting up an independent foundation to oversee the initiative and provide grants for pro-XRP development efforts.
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