Ripple CEO Recounts How XRP Was Created

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.