XRP News Today: Ripple's Origin Traced to 2004, Preceding Bitcoin by Years

A newly uncovered document has ignited a debate in the cryptocurrency world, asserting that Ripple, a digital payment protocol, was conceived as early as 2004, preceding Bitcoin by several years. This revelation challenges the widely accepted narrative that Bitcoin was the first decentralized digital currency. The document, whose authenticity is yet to be confirmed, suggests that the foundational ideas behind Ripple were developed during the mid-2000s, a period marked by growing interest in digital currencies and blockchain technology.

The document, shared by a prominent figure in the XRP community, includes a 2014 email exchange between industry insiders. Tech journalist Reutzel Bailey suggested that Ripple’s origin dates back to 2004, when Ryan Fugger created a platform called RipplePay. This platform aimed to facilitate peer-to-peer value transfer without relying on traditional banking systems. Chris Larsen, now Ripple’s Executive Chairman, later advanced the project. Bailey claims that Larsen leveraged the growing hype around Bitcoin to steer Ripple towards a cryptocurrency direction, despite the project’s original focus not being on a public crypto.

Jeffrey Cliff, another industry insider, refuted claims that Ripple was launched as a “copycat math-based currency” riding Bitcoin’s popularity. He emphasized that “Ripple predates Bitcoin.” This assertion is supported by the timeline, which indicates that Ripple’s concept emerged in 2004, while its cross-border payments cryptocurrency XRP was introduced in 2012, four years after Bitcoin’s public debut. However, it is important to note that while Ripple might be technically older than Bitcoin, BTC remains the world’s first cryptocurrency, launched by Satoshi Nakamoto in 2008.

The XRP Ledger (XRPL) was developed by Jed McCaleb, Arthur Britto, and David Schwartz in 2011. They aimed to create a more efficient system than Bitcoin, addressing its limitations, particularly its reliance on the proof-of-work (PoW) consensus mechanism. McCaleb convinced Fugger to transform RipplePay into a crypto network, leading to the creation of NewCoin in 2012, which was later renamed OpenCoin and then simply Ripple. The XRPL creators allocated 80 billion XRP to Ripple, with McCaleb personally receiving 9.5 billion XRP. After he departed from Ripple to create Stellar, McCaleb agreed to liquidate his XRP holdings gradually, with the last stash sold in 2022.

The implications of this discovery are significant. Ripple, known for its focus on facilitating fast and low-cost international money transfers, has long been a competitor to Bitcoin in the cryptocurrency market. The revelation that Ripple's technology predates Bitcoin could potentially alter the perception of Ripple within the industry, positioning it as a pioneer rather than a follower. This could have a significant impact on the adoption and acceptance of Ripple's technology by financial institutions and consumers alike.

However, the authenticity of the document remains a point of contention. Skeptics argue that the document could be a hoax or a misinterpretation of historical records. The lack of concrete evidence to support the claim has led to a mix of skepticism and curiosity within the cryptocurrency community. Some experts have called for further investigation and verification of the document's origins and contents before drawing any definitive conclusions.

This discovery also highlights the evolving nature of the cryptocurrency industry. As new technologies and innovations continue to emerge, the landscape of digital currencies is constantly shifting. The claim that Ripple existed in 2004 serves as a reminder that the history of cryptocurrency is complex and multifaceted, with many potential pioneers and innovators contributing to its development. This revelation could prompt further exploration into the early days of digital currency, uncovering additional insights and discoveries that could shape the future of the industry.