XRP News Today: XRP CTO David Schwartz Reveals Bitcoin Successor Plans in 2011

In a recent revelation, XRP advocate Edo Farina shared a screenshot from September 17, 2011, featuring David Schwartz, the CTO and Chief Cryptographer of Ripple. The screenshot shows Schwartz stating, “I’ve been working on a Bitcoin successor myself, after seeing what has worked well and what has not worked well.” This statement has sparked significant discussion within the cryptocurrency community, suggesting that XRP was intentionally designed to succeed Bitcoin.

Farina, a prominent figure in the XRP community, argues that this statement, along with archived comments, historical patent records, and previous reporting, indicates that XRP is not just an alternative to Bitcoin but its direct and improved successor. Schwartz’s 1988 patent, which describes a distributed computing system resembling modern blockchain validation processes, further supports this idea. Farina posits that Schwartz’s foresight and his later work on Bitcoin and the XRP Ledger reinforce the notion that XRP is an evolved form of the original cryptocurrency.

Schwartz’s journey with cryptocurrency began in early 2011 when he, along with Jed McCaleb and Arthur Britto, examined Bitcoin’s potential but became increasingly concerned about its flaws, such as high energy consumption, slow transaction times, and limited scalability. By May 2011, development on XRP was underway, with the official launch occurring in June 2012. This progression from Bitcoin interest to the creation of XRP exemplifies a conscious, iterative upgrade aimed at addressing Bitcoin’s inefficiencies.

XRP proponents view XRP as “Bitcoin 2.0”—a practical, enterprise-ready successor designed to address Bitcoin’s inefficiencies. The XRP Ledger (XRPL) operates using a decentralized yet efficient consensus mechanism, enabling transactions every few seconds, unlike Bitcoin’s proof-of-work congestion. This makes XRP well-suited for global financial adoption due to its rapid transfers and low costs.

Schwartz’s background, including his work with the NSA on cryptographic infrastructure, has led some community members to speculate about the strategic nature of XRP’s development. There is also speculation that Schwartz might be—or among—the real Satoshi Nakamoto, given that XRP development began within weeks of Satoshi’s final public communications.

Critics of XRP point to its larger supply and different consensus methods as reasons to question its “successor” claim. Schwartz frequently addresses these critiques, emphasizing that unit-price comparisons are misleading without context and that the real metric should be utility and market capitalization. Additionally, Bitcoin maximalists have challenged XRP’s decentralization, prompting Schwartz to underscore the XRP Ledger’s governance model and validator diversity.

The narrative that XRP is the “real Bitcoin successor” is supported by a mix of direct quotes, early patents, developer timelines, and community speculation. Farina’s curation of these elements has sharpened the debate, positioning XRP not as just another altcoin but as a purposeful response to Bitcoin’s shortcomings. Whether interpreted as strategic competition, technical evolution, or part of an obscured crypto legacy, XRP’s story is undeniably intertwined with Bitcoin’s foundational ethos. As digital assets evolve, this link validates XRP’s future beyond volatility, rooted in intent, design, and ambition.