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Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
Ripple

Ripple CTO Provides Clarity On XRP Ledger’s Genesis Block Situation

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

David “JoelKatz” Schwartz, the Chief Technology Officer (CTO) of the payment firm Ripple Labs, has weighed in on several community questions regarding the missing genesis block on the XRP Ledger.

Ripple CTO On Missing Genesis Block

Schwartz took to the social media platform X (formerly Twitter) to address the issues behind the XRP ledger’s missing genesis block. He revealed his insights in response to questions from a community member about the XRP ledger’s atypical beginning at block 32,569.

The community member, known as MetaMan, expressed doubt and underscored how crucial transparency is to holders of XRP, and he requested that the Ripple CTO confirm if there is “any other blockchain that lost its genesis block.”

Related Reading: Ripple CTO Clarifies: 25 Billion XRP ‘Transaction’ Was Not A Vulnerability

The uniqueness of the genesis block has been questioned before now. Several critics suggested that the firm had ulterior reasons behind the missing ledgers, which Schwartz earlier refuted.

In response to MetaMan’s question, the CTO of the payment firm drew a comparison to the uncertainty of Ethereum‘s (ETH) genesis block. Schwartz pointed out that Ethereum does not publicly record transactions that occurred before its official launch.

He stated:

The choice of what to consider the genesis block is arbitrary. For example, ETH has lots of transactions before its genesis block that are not in the publicly available record.

The Ripple chief further cited a particular transaction of 2,622 ETH that moved over $6 million on August 3, 2016, while sharing the transaction Hash details. He then asked, “Where did that ETH originate from? Where’s the transaction that explains it?.”

However, another XRP community member disagreed with the Ripple CTO after going through the hash details shared by Schwartz. The member recognized transactions demonstrating the transfer of 40,000 ETH during the Ethereum genesis block.

Thus, Schwartz highlighted that the member was right but noted that there was no source. Additionally, he noted there is a transaction that will explain where the 40,000 ETH came from, “but it was not part of the public blockchain.”

He knows this because it was his transaction. He further explained that Ethereum’s genesis block was carefully chosen, and the source of those 40,000 ETH was hidden from the public’s eye.

Schwartz Believes The Decision Is Arbitrary

In response to a question about whether the 40,000 ETH “came out of thin air,” the Ripple official clarified that considering the public blockchain, they did. Although, he did explain that Ethereum insiders know more about the situation.

Related Reading: Ripple CTO On How The XRP Ledger Is Powering Asset Tokenization

So far, the chief has asserted that such decisions were arbitrary, including XRPL’s genesis block beginning at ledger 32,569. He stressed the decisions were made in order to “obscure fund sources.”

Schwartz, being one of the creators, verified that the Genesis ledger of the chain did not have any transactions in the instance of the XRP Ledger. He noted that 534 transactions, which are obviously lost now, were included in the initial 32,570 ledgers.

XRP
XRP trading at $0.571 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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