|

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.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Grass 20% bullish breakout defies broader market weakness

Grass (GRASS) is edging up above $0.30 at the time of writing on Monday. The token’s notable 20% intraday surge stands out amid heightened volatility in the broader crypto market.

XRP slides as US-Iran war weakens sentiment

Ripple remains under pressure, trading around $1.35 at the time of writing on Monday. The remittance token extended its down leg to $1.27 on Saturday after the US, in collaboration with Israel, launched attacks on Iran, killing the nation’s Supreme Leader, Ali Khamenei.

Crypto Today: Bitcoin pares losses, Ethereum and XRP drift lower as Middle East conflict pressures risk assets

Bitcoin, Ethereum and Ripple remain on edge as the Israel-US war on Iran risk-off sentiment. The Crypto King trades above $66,000 at the time of writing on Monday, but is struggling to break through the seller congestion around $67,000.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.