Justin Bons, the founder and CEO of investment fund Cyber Capital, has launched a sharp critique against several major blockchain networks, labeling them as "centralized blockchains" that betray the core promise of cryptocurrency. In a detailed thread on social media platform X, Bons specifically targeted Ripple (XRP), Hedera (HBAR), Stellar (XLM), and Algorand (ALGO), along with the Canton Network.
Bons's central argument is that decentralization is a fundamental property, not an optional feature. He asserts that any network requiring permission or relying on a curated set of validators constitutes a form of authority, which he categorizes under a "Proof of Authority" consensus model. "We must reject all centralized 'blockchains'!" Bons wrote. "Centralization is not the future of finance; requiring permission from an authority is not decentralized!"
The critique delves into the specific consensus mechanisms of each network. For XRP, he focused on its Unique Node List (UNL) model, arguing that a centrally published validator list creates a "soft permission layer." He made similar claims about Stellar's recommended validator set. For Hedera and Canton, Bons directly called out their permissioned validator sets. While acknowledging Algorand's open participation nodes, he critiqued the historical permissioning of relay nodes, arguing it still represented a form of gatekeeping.
The post sparked immediate pushback, particularly from the XRP community. One prominent community member, Vincent Van Code, challenged Bons's understanding, stating that Ripple is only one entity on a UNL list of 34 and growing validators. "You discredit yourself when you make stuff up," the response read, accusing Bons of bias and a lack of precision in his critique.
Bons dismissed the rebuttals, accusing Ripple of a successful marketing campaign that has misled both the public and regulators like the SEC. "It's a frightening fact that they can convince people that XRP is more decentralized than Bitcoin and Ethereum," he claimed.
The debate highlights a fundamental ideological clash within the crypto industry. Bons is defending a purity test based on fully permissionless, credibly neutral systems. In contrast, the targeted networks often prioritize other trade-offs, such as settlement speed, enterprise compliance, and predictable governance, which are designed to attract institutional adoption. The argument forces a examination of what is truly being trusted in each network and what kind of financial future they are built to serve.
