Ripple CEO Recounts How XRP Was Created
Main Idea
Ripple CTO David Schwartz recounts the creation of the XRP Ledger (XRPL), highlighting its decentralized design, technical innovations, and differentiation from Bitcoin.
Key Points
1. Ripple CTO David Schwartz, along with Jed McCaleb and Arthur Britto, created the XRP Ledger (XRPL) to address Bitcoin's flaws, focusing on decentralization, speed, and efficiency.
2. The initial concept for XRPL came from Jed McCaleb in 2011, proposing a leaderless consensus algorithm to replace Bitcoin's proof-of-work (PoW) system.
3. XRPL introduced a decentralized exchange (DEX) and an account-based model, enabling multi-asset transactions and improved interoperability.
4. The team drew inspiration from Ryan Fugger's 2004 work to support issued assets, positioning XRPL as a flexible solution for fair, fast, and decentralized transactions.
5. By early to mid-2012, XRPL was essentially complete, featuring a built-in decentralized exchange, XRP as a native currency, and automated pathfinding for efficient order routing.
Description
Crypto influencer Xaif recently shared a post highlighting Ripple CTO David Schwartz’s detailed account of the origins of the XRP Ledger (XRPL). The tweet quoted Schwartz stating that he, along with Jed McCaleb and Arthur Britto, identified key flaws in Bitcoin and sought to design a blockchain system that addressed those limitations. According to Xaif’s tweet, Schwartz emphasized that the team aimed to create something “faster, more efficient, and truly decentralized,” diverging from Bitcoin’s ...
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