So then why is there is a need to have a centralized company that backs it? I'm curious to know when your "secret" gets generated if the issuing party keeps a copy somewhere. Hmm.
You can look at the code. The secret is random. It's stored, encrypted, in your wallet. Your encrypted wallet can be stored locally in your browser or remotely in a blob vault.
As for why there is a need to have a centralized company that backs it, it's because adoption is absolutely not a sure thing. We've worked as hard was we can to design the system, develop the code, build relationships with other companies, and so on.
There will come a time when Ripple no longer needs us. As people find the Ripple network useful, we hope they'll contribute the features they most need or want. We're having a developer conference in Las Vegas in about two weeks.
https://bitcointalk.org/index.php?topic=293086.0Thank you for clarifying the secret portion of my post. I appreciate that.
Why create so many XRPs and hold the majority of them..if indeed your bolded statement is true?