In a surprising revelation shared on X, previously known as Twitter, David Schwartz, the CTO Emeritus of Ripple, spoke about his early affiliation with Ripple and his delayed XRP compensation. This came in response to confusion over a circulating screenshot that outlined the XRP allocations assigned to Ripple’s founding members. Schwartz clarified his position, distinguishing himself from the official founding group of the company.
Did Schwartz Ever Consider Himself a Ripple Founder?
When confronted by an X user about his absence from the list of Ripple’s founders, Schwartz addressed the question succinctly. He confirmed that he was not officially recognized as one of Ripple’s founders and stated that his compensation in XRP came much later, after the company’s initial phases.
“Generally, I’m not considered a Ripple founder and received any XRP payment at a much later stage.”
How Did the XRP Ledger Begin?
The development of the XRP Ledger traces back to 2011, a project initiated by Schwartz alongside Jed McCaleb and Arthur Britto. Faced with Bitcoin‘s limitations, their objective was to create a robust infrastructure that would be specifically efficient for payments. The XRP Ledger was officially launched in June 2012.
Subsequently, Chris Larsen came onboard, and the group established the company, initially named NewCoin, which was soon rebranded as OpenCoin, and eventually Ripple. Although Schwartz was instrumental in creating the XRP Ledger, his status as a non-founder of the ensuing corporate entity offers insight into his subsequently mentioned position.
Key points:
- 2011: Schwartz and his colleagues started working on the XRP Ledger.
- June 2012: Launch of the XRP Ledger.
- September 2012: Foundation and renaming of Ripple as a company.
- Schwartz’s contribution: Original architect, but not classified as a company founder.
During Ripple’s rebranding from OpenCoin, Schwartz initially held the role of chief cryptographer. By 2018, he stepped into the position of Chief Technology Officer. With his retirement from operational duties, he received the title of CTO Emeritus, reaffirming the distinction between Ripple’s foundational structure and the technological advancement Schwartz significantly contributed to.
