XRP, controversial cryptocurrency, remains household name after surviving tumultuous decad

According to some reports, XRP just turned 10 years old. Aside from Bitcoin and Dogecoin, it is the only OG cryptocurrency that has managed to remain among the largest cryptocurrencies by market capitalization.

XRP turns 10: Here’s how it started

Arthur Britto, David Schwartz, and Jed McCaleb, the co-founders of Ripple Labs, have been working on the XRP Ledger since 2011. Schwartz’s first commitment dates back to November 2011. On June 2, 2012, Britto submitted lines of code that generated 100 billion tokens then known as “XNS”.

However, the earliest transaction history of the controversial cryptocurrency was deleted because the ledger was reset multiple times in error. The current version of the XRP Ledger started in December 2012. As of today, over 72 million ledgers have been confirmed on the XRP Ledger, with the total number of transactions surpassing 807,000.

A substantial portion of the 100 billion tokens (20%) was gifted to Britto, McCaleb, and Ripple co-founder Chris Larsen. The latter joined the engineers after starting a new company called NewCoin (which was rebranded to OpenCoin shortly after its launch). OpenCoin was then rebranded to Ripple in 2013. The company received the vast majority of the pre-mined tokens (80%).

Despite attracting accusations of centralization, XRP experienced a massive rally in 2017, gaining more than 32,000% and quickly becoming the second cryptocurrency. At the end of 2017, Ripple held 55% of the total supply. At the time, they announced that they would hold the tokens on margin for 55 months to control selling pressure.

In late 2020, Ripple was sued by the US Securities and Exchange Commission for allegedly selling XRP illegally. The regulator alleges that the token is unregistered security.

The case, which is expected to cause great consequences for the whole industry, has not been completely resolved.

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