Ripple’s CTO Breaks Silence: XRP Creation Claims Disputed, XRPLedger’s Transaction History Raises Concerns
The post Ripple’s CTO Breaks Silence: XRP Creation Claims Disputed, XRPLedger’s Transaction History Raises Concerns appeared first on Coinpedia Fintech News
In a recent development, the Chief Technology Officer (CTO) of Ripple has addressed the claims made by the community regarding the creation of XRP. The CTO, David Schwartz, clarified that XRP came into existence in June 2012, whereas the payment company Ripple was incorporated in September 2012. He further explained that there is a gap in XRP transactions on the blockchain between June and November 2012 due to a change in data formats.
Ripple CTO Dismisses Claims: XRP Token Not Created by Ripple
In a surprising revelation, the Chief Technology Officer (CTO) of Ripple, David Schwartz, has firmly refuted the belief held by some members of the XRP holder community. He clarified that the native token of XRPLedger, XRP, was not created by Ripple as many assumed.
Schwartz emphasized that the launch of XRP actually predates Ripple’s incorporation by three months. This clear timeline contradicts the notion that Ripple was responsible for the creation of the digital asset.
One area of contention raised by the community was the absence of XRP transactions on the blockchain between June and November 2012. Schwartz shed light on this issue, explaining that the lack of records during that period can be attributed to a change in binary formats.
Who Created XRP Then?
Schwartz clarified that Ripple Labs Inc. was actually incorporated several months after the launch of the XRP token. Shedding light on the historical context, he revealed that in 2011, three engineers named David Schwartz, Jed McCaleb, and Arthur Britto embarked on developing the XRPLedger. Their objective was to enhance the existing Bitcoin system and design a sustainable token specifically tailored for payments.
These revelations challenge the prevailing belief surrounding the origin of XRP and highlight the significant role played by the early engineers in shaping the development of XRPLedger’s native token.
XRPLedger Witnesses Format Change: Transaction History Gap Raises Questions
XRPLedger, the blockchain platform, underwent a significant change in binary formats in 2012, shortly after the incorporation of Ripple Labs. This transformation brought about a particular situation as the developers chose not to preserve the transaction history between June and November of that year. Instead, they opted to commence with a clean slate.
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.
— David “JoelKatz” Schwartz (@JoelKatz) June 22, 2023
The decision to forego the archival of transaction records during this period has sparked inquiries and discussions. The absence of a historical record has led to speculation and curiosity among the community regarding the specific details and events that transpired within the June to November timeframe in 2012 on XRPLedger.
Filed under: Bitcoin - @ June 23, 2023 4:45 am