Ripple CTO Breaks Down XRP Distribution And Who Controlled 99% Of Supply At Genesis
2024年1月20日 - 5:00AM
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The initial distribution of cryptocurrencies such as XRP has always
been a hot topic for investors in the crypto community. A lot of
times, the discussions stem from the fact that investors believe
there was some foul play at Genesis, where some people received an
unfair share of the token supply. The latest coin to come under
scrutiny is the XRP token, with community members asking questions
about some events that took place at Genesis. As a result, Ripple
CTO David Schwartz has taken it upon himself to clarify these
issues. What Happened To The Genesis Block? David Schwartz first
drew criticism from the Bitcoin community with a tweet earlier this
week where he mocked the opinion of a Bitcoin maxi he supposedly
had a conversation with. This conversation, where the Bitcoin maxi
had seemingly called XRP worthless, and Schwartz mocked the opinion
as worthless, would quickly devolve into a debate for XRP’s
legitimacy in no time. Related Reading: Injective On A Roll: Crypto
Analyst Predicts Massive Breakout Against Bitcoin Responding to
Scwartz’s post, X user @MetaMan_X asked the Ripple CTO if there was
any other blockchain that had lost its entire genesis block. Now,
for those who do not know, the XRP Ledger starts at #32,569 instead
of at #1 as would be expected from a blockchain. This has always
been a point of contention as The Ripple CTO, however, defended the
XRP Ledger by saying “The choice of what to consider the genesis
block is arbitrary.” He further compared the blockchain to that of
the Ethereum blockchain, saying that the second-largest
cryptocurrency in the world also had similar hiccups at the start.
He points to a single transaction carrying more than $6 million
worth of ETH which apparently has no point of original. Schwartz
explains that even Ethereum had transactions that were not on the
blockchain, and he would know because this massive transaction was
carried out by himself. Token price struggles to keep up | Source:
XRPUSD on Tradingview.com How Was The XRP Supply Distributed At
Genesis? Schwartz further went on to defend the XRP Ledger from
those who asked him to provide any transactions that were included
in the genesis block. According to him, there were actually no
transactions included in the Genesis block. Furthermore, out of the
32,570 ledgers that are currently missing from the blockchain, the
Ripple CTO revealed that there were only 534 transactions in those
blocks. So now, all of those transactions are presumed to be lost
with those initial blocks. Related Reading: Trillion-Dollar
Franklin Templeton Shares High Praise For Solana, Is A SOL ETF
Coming? Another piece of information that the Ripple CTO provides
is how the total XRP supply was initially distributed at the start.
Apparently, the founders had received 20% of the total supply at
the start, with Jed McCaleb and Chris Larsen getting 9% of the
total supply each. Then a third founder, Arthur Britto received 2%,
completing the 20% allocation to founders. The vast majority of the
supply would go to the company, OpenCoin (now known as Ripple),
with 99.99% sent to the company’s wallets. Then then remaining
0.013% would end up going to Beta testers and developers on the
blockchain. This revelation provides insight to how the XRP
distribution was handled and why Ripple holds such a large chunk of
the supply. Currently, the company releases one billion coins from
escrow every month, with 200 million tokens kept for the cost of
operations and 800 million sent back to escrow. Featured image from
YouTube, chart from Tradingview.com
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