Ripple CTO addresses the case of missing XRP transactions from 2012, claims Ripple did not create XRP


  • David Schwartz has denied the community’s claims that Ripple created XRP. 
  • Schwartz explains that XRP was created in June 2012, while payment firm Ripple was incorporated in September 2012. 
  • XRP transactions on the blockchain between June and November of 2012 are missing on account of a change in formats.

As opposed to the belief in the XRP holder community, the native token of XRPLedger was not created by Ripple. The cross-border payment remittance firm’s Chief Technology Officer (CTO) dismissed the claim.

David Schwartz explained that Ripple’s incorporation happened three months post XRP token’s launch. The community has questioned the missing transactions on the XRP blockchain between June and November 2012, Schwartz explained how there are no records as binary formats changed.

Also read: Ripple receives nod to rollout digital asset services in Singapore, bolstering XRP price rally

XRP was created by three engineers, not Ripple Labs

Ripple Labs CTO David Schwartz has shed light on the creation of XRPLedger’s native token XRP. While most XRP holders and community members believe Ripple Labs is the parent of XRP, Schwartz counters the belief. 

Ripple CTO explained how Ripple Labs Inc. was incorporated months after XRP token’s launch. Three engineers, David Schwartz, Jed McCaleb, and Arthur Britto, began the XRPLedger’s development in 2011. The engineers set out to improve Bitcoin and come up with a sustainable token built specifically for payments. 

Schwartz explains why transactions from the first six months of 2012 are missing

XRPLedger went through a change in binary formats in 2012, shortly after Ripple Labs was incorporated. The developers of the blockchain didn’t save a copy of the transaction history from June to November 2012 and instead, started afresh.

Schwartz explains this in his tweet:

The binary formats changed so updated tools couldn't understand then. We just discarded the old data when we did this. While there could have been third parties keeping copies, I don't know of any.

At the time of writing, no third party has come forward with a copy of transactions.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Three reasons why Chainlink could rally

Three reasons why Chainlink could rally

Chainlink has noted accumulation by large wallet investors for the past two weeks. Nearly $110 million in LINK has been withdrawn from exchanges in this time period. LINK sustained above $13 on Sunday, extending gains by nearly 1%. 

More Chainlink News

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple rallied over 19% in the past seven days per CoinGecko data. The altcoin broke past resistance at $0.50 on the one-year anniversary of Judge Analisa Torres’ XRP ruling. 

More Ripple News

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin extended gains post the shooting at the rally of US Presidential candidate Donald Trump. The former President is a pro-crypto candidate, and a report by Fortune shows that Trump’s chances of winning the race increased after the Saturday events.

More Bitcoin News

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH. An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week. 

More Ethereum News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP