The most important announcement to come out of the Amsterdam conference, he thought, was that peer-to-peer digital payments network Ripple would become open source. At the time, the primary criticism of Ripple was that the network was ultimately controlled by a centralized company called Ripple Labs, which was able to change the code without asking anyone in the community. Ripple Labs also owned all 100 billion of Ripple’s cryptocurrency called XRP. “It only plans to distribute a part of them to the community—the rest will go to early investors and the company’s founders. When questioned about
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