The Chief Technology Officer at Ripple presents facts about the distribution of XRP
David Schwartz, the Chief Technology Officer at Ripple, clarified some details regarding the history of XRP distribution in response to speculations raised by users on platform X.
The story began in 2011 when Schwartz, Jed McCaleb, and Arthur Britto sought to create a more efficient alternative to Bitcoin, leading to the idea of Ripple and the completion of the development of the XRP Ledger by June 2012.
At launch, 80% of the total XRP was donated to a company called NewCoin, which later became known as Ripple, while the founders retained the rest.
In response to claims about the fairness of the distribution, Schwartz confirmed that the founders are entitled to retain the market value granted to them by the free economic model.
He also noted that the agreement regarding the distribution was signed on September 17, 2012, confirming that the Genesis wallet contained only 200,999 XRP at the creation of the ledger.
Regarding validations in XRPL, he explained that some significant changes occurred in late December 2012, but the system did not operate at full capacity until January 2013.