In a recent dialogue on platform X, formerly recognized as Twitter, Ripple’s CTO, David Schwartz, tackled some prevailing misconceptions about XRP. The discussion was sparked by a query from crypto aficionado Wolf of Golden Street (WoGS) following comments made by Bitcoin advocate and media figure Max Keiser.
Keiser had recently branded XRP as “centralized,” leading WoGS to probe if the XRP system disproportionately favored the top 1%. Schwartz quickly underlines the XRP ledger’s inherent transparency, emphasizing its role in ensuring clear asset ownership and fostering transparent trading mechanisms.
WoGS also raised eyebrows over XRP’s foundational design, suspecting it to be patent-based. There were also murmurs about potential cyber threats from the Department of Homeland Security (DHS). In his response, Schwartz reassured that while the XRP ledger operates in the public sphere, the nature of any DHS cyber interventions remains speculative. He was, however, confident in the system’s resilience, noting that vulnerabilities, once identified, are promptly addressed, minimizing the risk of recurrent breaches.
Most of the conversation revolved around Schwartz’s 32-year-old patent, which Keiser insinuated was linked to XRP’s design. Dismissing these claims, Schwartz clarified that the patent bore no connection to XRP’s current framework. He elaborated that the patent’s original intent was anchored in a distinct idea, which has since become obsolete.
Schwartz also drew parallels between the timeline of his patent and Bitcoin’s emergence. He verified that his patent predated Bitcoin’s creation and lauded Bitcoin for its innovative proof of work solution to the double-spending challenge, a principle separate from his patent.
Concluding the discussion, Schwartz referenced comments made by the elusive Satoshi Nakamoto about Ripple’s systems. He clarified that while Nakamoto had critiqued the early RipplePay model, there had been no direct commentary on XRP, underscoring the vast technological evolution from RipplePay to XRP.