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Patent Documents Reveal David Schwartz May Have Come Up With XRP Ledger Concept In 1988

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The history of the XRPL could be older than we previously believed.

The XRP Ledger is today one of the most used blockchain networks in real-life payment applications due to its On-Demand Liquidity (ODL), which allows enterprises to use XRP as a bridge currency for faster international transactions at a low cost.

Notably, the network’s history is often traced to 2011, when David Schwartz, Jed McCaleb, and Arthur Britto are said to have come together to develop the network. However, a patent document shared by an XRP influencer known as XRP King Doggo IV indicates that Schwartz may have developed the rough concept for the network as far back as 1988.

David Schwartz created the XRPL way back in 1988 when they didn’t even had a name for the blockchain. Since they launched it with the name ‘XRPL’ it never got hacked nor being halted. XRP was made to become the greatest asset ever created.

XRPL ledger concept in 1988
Image source:

In the abstract of the patent filed by Schwartz in August 1988, he describes a distributed network of computers for distributed data processing, with each node handling portions of the data. While not the same, it is eerily similar to how validation works on the XRP Ledger.

Currently, David Schwartz is Chief Technology Officer at Ripple.

Today, the Ripple network is so renowned that Colombia considered using it for its national land registry under the previous government administration. Ripple is also widely used in assisting fast payment transfers in many countries and leading banks.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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