In a recent exchange on Twitter, a member of the crypto community engaged in a debate with a representative from Ripple regarding the creation of XRP, a popular cryptocurrency. The discussion shed light on intriguing aspects surrounding the origins and development of XRP, leaving many astounded by the revelations.
The debate unfolded when a member of the crypto community challenged the notion that XRP was created by Ripple. They presented evidence of Ripple’s history, including the creation of Ripple Credits and a significant event where Jed McCaleb reset the XRPL. The disappearance of initial blocks raised suspicions of hiding the distribution of XRP. Allegations of XRP theft and agreements with original developers were also mentioned, inviting further investigation.
David Schwartz, CTO at Ripple and one of the architects behind XRP Ledger, responded to these claims through a series of tweets. He dismissed the entire logic behind the argument, drawing a parallel with the creation of Bitcoin Cash. Schwartz pointed out that when Bitcoin Cash was created, many individuals already held the cryptocurrency, but it was not due to any direct involvement from the creators of Bitcoin Cash. He emphasized that changes in system rules or operations do not generate new versions of existing assets.
The date at which all XRP that would ever exist was created is well known. It’s memorialized in the repository and we’ve talked about it. Yes, there were changes in the ledger rules and accounting systems after that and the older rules and systems died off.
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Regarding the naming of XRP, Schwartz offered clarification in response to a follower’s query. The follower asked about the meaning of the original abbreviation “XNS,” which was used when XRP was brought into existence. Schwartz revealed that “X” is commonly used as the first character for currencies not issued by any country, as no country code starts with “x.,” and “NS” represents “New coins.”
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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