- 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.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.