Ripple CTO David Schwartz debates whether Ripple as a company was behind the initial launch of XRP.
In a recent conversation, Ripple’s CTO, David Schwartz, engaged in a spirited debate with Scam Detective, an anonymous on-chain sleuth, regarding the creation of XRP. Schwartz aimed to dispel claims that the company Ripple created XRP.
DS, the founder of XRPL-based NFT community xSPECTAR, mentioned in a recent tweet that the SEC failed to note that XRP was created before its founders launched the company, Ripple.
In response, Scam Detective argued that Ripple created XRP by modifying the code to reset the XRP Ledger in December 2012. He implied that the code reset resulted in the creation of XRP as a new currency.
— 𝕾𝖈𝖆𝖒𝖘 𝖆𝖗𝖊 𝖇𝖆𝖉 🗝 91.22% (@ScamDetective5) June 4, 2023
Schwartz countered this claim, asserting that the logic behind the argument was nonsensical. He drew a parallel with Bitcoin Cash, highlighting that individuals already possessed the currency without any direct involvement from the creators when it was created.
The entire logic behind this is nonsensical. When bitcoin cash was created, there were lots of people who already had it, and it wasn't because anyone connected to bitcoin cash in any way created it or gave it to them.
— David "JoelKatz" Schwartz (@JoelKatz) June 4, 2023
Responding to Schwartz, Scam Detective challenged whether XRP was launched without Ripple’s resources. Schwartz responded by posing questions related to changes in system rules and operations. He questioned whether such changes create new versions of existing assets, using Ethereum’s transition to PoS as an example.
The Ripple CTO emphasized that the facts surrounding XRP’s creation were not disputed. He explained that while changes in the ledger rules and accounting systems occurred after the creation of XRP, the older rules and systems ceased to exist.
Schwartz further compared the Bitcoin fork, emphasizing that regardless of which side survived, it would not have been considered the birth of Bitcoin or the issuance of a new currency.
XRP Existed before Ripple
Schwartz’s argument emphasizes that XRP existed before Ripple. This syncs with the asset’s history. David Schwartz, Arthur Britto, and Jed McCaleb began developing the XRP Ledger (XRPL) in 2011.
The XRPL was launched in June 2012, and XRP is its native token. Three months later, Chris Larsen joined Schwartz, Britto, and McCaleb, leading to the launch of the company NewCoin which was then rebranded to OpenCoin, and later “Ripple Labs.” The founders of the XRPL then gifted 80% of the supply of XRP to the company, which was sent to escrow.