Today, David Schwartz, CTO of Ripple, explained some details about the history of the XRP distribution, in response to speculations circulating on the X platform.
The story began in 2011, when Schwartz, Jed McCaleb, and Arthur Brito met with the aim of developing a more efficient alternative to Bitcoin. The result was the idea of Ripple, and after a period of work, the development of the XRP Ledger was completed in June 2012.
When the system was launched, 80% of the total XRP was donated to NewCoin, which later became Ripple, while the founders kept the rest. In response to allegations of fair distribution, Schwartz confirmed that the founders have the right to retain the market value based on the free economic model.
He also explained that the agreement for the distribution of XRP was officially signed on September 17, 2012, and pointed out that the Genesis wallet contained only 200,999 XRP at the time of the ledger’s creation, which negates some rumors of huge amounts at the beginning.
As for the verification processes in XRPL, he confirmed that some fundamental modifications occurred in late December 2012, and that the system did not operate at full capacity until January 2013.
