{"id":570323,"date":"2024-01-19T20:00:37","date_gmt":"2024-01-19T20:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=570323"},"modified":"2024-06-11T08:52:10","modified_gmt":"2024-06-11T08:52:10","slug":"ripple-cto-xrp-distribution-99","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/ripple-cto-xrp-distribution-99\/","title":{"rendered":"Ripple CTO Breaks Down XRP Distribution And Who Controlled 99% Of Supply At Genesis"},"content":{"rendered":"

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.<\/p>\n

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<\/a> has taken it upon himself to clarify these issues.<\/p>\n

What Happened To The Genesis Block?<\/h2>\n

David Schwartz first drew criticism from the Bitcoin community with a tweet<\/a> 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\u2019s legitimacy in no time.<\/p>\n

Related Reading: Injective On A Roll: Crypto Analyst Predicts Massive Breakout Against Bitcoin<\/a><\/div>\n

Responding to Scwartz\u2019s post, X user @MetaMan_X asked<\/a> 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<\/a> starts at #32,569 instead of at #1 as would be expected from a blockchain. This has always been a point of contention as<\/p>\n

The Ripple CTO, however, defended the XRP Ledger by saying \u201cThe choice of what to consider the genesis block is arbitrary.\u201d He further compared the blockchain to that of the Ethereum blockchain<\/a>, saying that the second-largest cryptocurrency in the world also had similar hiccups at the start.<\/p>\n

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<\/a> had transactions that were not on the blockchain, and he would know because this massive transaction was carried out by himself.<\/p>\n

\"XRP<\/p>\n

Token price struggles to keep up | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
How Was The XRP Supply Distributed At Genesis?<\/h2>\n
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.<\/p>\n
Related Reading: Trillion-Dollar Franklin Templeton Shares High Praise For Solana, Is A SOL ETF Coming?<\/a><\/div>\n
Another piece of information<\/a> that the Ripple CTO provides is how the total XRP supply<\/a> 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.<\/p>\n
The vast majority of the supply would go to the company, OpenCoin (now known as Ripple<\/a>), with 99.99% sent to the company\u2019s wallets. Then then remaining 0.013% would end up going to Beta testers and developers on the blockchain.<\/p>\n
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.<\/p>\n
Featured image from YouTube, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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\u2019s legitimacy in no time. Related Reading: Injective On A Roll: Crypto Analyst Predicts Massive Breakout Against Bitcoin Responding to Scwartz\u2019s 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 \u201cThe choice of what to consider the genesis block is arbitrary.\u201d 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\u2019s 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<\/p>\n","protected":false},"author":594,"featured_media":570328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,89421,17209,4531,84758,83637,13172,87735,10972,78763],"class_list":["post-570323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-ripple-cto","tag-ripple-news","tag-xrp","tag-xrp-ledger","tag-xrp-news","tag-xrp-price","tag-xrp-supply","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nRipple CTO Breaks Down XRP Distribution And Who Controlled 99% Of Supply At Genesis<\/title>\n<meta name=\"description\" content=\"The initial distribution of cryptocurrencies such as XRP has always been a hot topic for investors in the crypto community.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ripple CTO Breaks Down XRP Distribution And Who Controlled 99% Of Supply At Genesis","url":"http:\/\/wncen.com\/news\/ripple\/ripple-cto-xrp-distribution-99\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ripple\/ripple-cto-xrp-distribution-99\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/XRP.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/XRP.jpeg?fit=1280%2C720"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ripple","ripple cto","ripple news","xrp","xrp ledger","xrp news","xrp price","xrp supply","xrpusd","xrpusdt"],"dateCreated":"2024-01-19T20:00:37Z","datePublished":"2024-01-19T20:00:37Z","dateModified":"2024-06-11T08:52:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ripple CTO Breaks Down XRP Distribution And Who Controlled 99% Of Supply At Genesis\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/ripple-cto-xrp-distribution-99\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/ripple-cto-xrp-distribution-99\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/XRP.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/XRP.jpeg?fit=1280%2C720\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ripple\",\"ripple cto\",\"ripple news\",\"xrp\",\"xrp ledger\",\"xrp news\",\"xrp price\",\"xrp supply\",\"xrpusd\",\"xrpusdt\"],\"dateCreated\":\"2024-01-19T20:00:37Z\",\"datePublished\":\"2024-01-19T20:00:37Z\",\"dateModified\":\"2024-06-11T08:52:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/XRP.jpeg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=570323"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/570328"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=570323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=570323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=570323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}