Main navigation

Ripple CTO Ends Speculation on XRP Ledger's Bitcoin Semblance

Mon, 08/21/2023 - 13:52
article image
Tomiwabold Olajide
XRP Ledger began in 2011 as copy of Bitcoin core, but here's where things currently stand
Ripple CTO Ends Speculation on XRP Ledger's Bitcoin Semblance
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Ripple CTO David Schwartz has reacted to ongoing speculation that XRP is just Bitcoin, save for a few differences.

The discussion on X (formerly Twitter) started after a user claimed that XRP was simply a copy of Bitcoin with a few tweaks.

The X user "Scams are Bad5" claims to have spotted the MIT license document somewhere in the XRP source and so came to this conclusion, according to Kevin Smith, who went on to query the Ripple CTO on the rationale behind including the Bitcoin license in the XRP source.

The tweet caught the attention of Ripple CTO David Schwartz, who replied by explaining the genesis of the XRP Ledger and where things currently stand.

XRP Ledger (XRPL) was initially developed in 2011 by three engineers: David Schwartz, Jed McCaleb and Arthur Britto.

Intrigued by Bitcoin, they set out to create a better version that addressed its flaws and established a more sustainable digital asset designed exclusively for payments.

XRP Marks 11th Anniversary, Here's How Price Reacted

In response to the X user's conjecture, the CTO of Ripple indicated that XRPL began in 2011 as a copy of Bitcoin core, but things changed as time went on. This is because XRPL took on a new form and essentially relinquished some of its Bitcoin semblance.

Schwartz claims that by the middle of 2012, the address format and the copyright notice were essentially all that was left.

The question of whether XRPL is still employing SHA256, RIPEMD160 and Base58 for addresses came up as the talk went on. In response, Schwartz said that he believed addresses were still being operated similarly to Bitcoin at first.

In a positive development, Uphold cryptocurrency exchange has reported on Ripple's noteworthy accomplishment of being named an official partner of the "cross-border payments interoperability and extension taskforce," a division of the Committee on Payments and Market Infrastructures of the Bank for International Settlements (BIS).

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.