Recently, there have been rumors swirling around about the wealth of Ripple‘s Chief Technology Officer, David Schwartz. To put these rumors to rest, Schwartz himself has come forward to confirm that he has not reached billionaire status yet.
Schwartz, who is open and communicative with the public, tackled rumors about his wealth, setting the record straight by dispelling any falsehoods. To strengthen his argument, Ripple’s CTO displayed a 2021 tweet as evidence, confirming that he had not yet reached billionaire status at that time.
Still not.
— David “JoelKatz” Schwartz (@JoelKatz) April 15, 2024
Although Schwartarze made substantial achievements in Ripple and the XRP Ledger community, his disclosure underscores the fact that not every trailblazer in this industry has become wealthy.
Schwartz was one of the original architects of the XRP Ledger. In 2011, three engineers who had previously written code for the Bitcoin blockchain — David Schwartz, Jed McCaleb and Arthur Britto — began developing the XRP Ledger to create a blockchain that was more suitable for hyper-efficient value movement, with a focus on transaction speed and scalability.
After the XRP Ledger was launched, the system itself generated 100 billion XRP units as a pre-mine. However, the source code stipulated that no additional XRP should be produced thereafter.
In September 2012, the trio of Arthur Britto, Jed McCaleb, and Chris Larsen established Ripple (formerly called NewCoin). At the time of founding, the creators of the XRP Ledger gifted 80 billion XRP to the company. Among them, Britto, McCaleb, and Larsen collectively possessed 20 billion XRP.
Surprisingly, Schwartz opted for a set salary and a 2% stake in Ripple instead of the XRP cryptocurrency he contributed to developing during that period. In hindsight, he admitted that his decision might have been regrettable: had he taken the 500 million XRP tokens instead, they would have been priceless at the height of XRP’s price surge.
Schwartz explained that his cautious nature likely influenced his decision, even though he regretted not being more willing to take risks.
Using Ripple’s value at $28.46 billion and XRP having a market cap of the same amount, it can be assumed that Schwartz’s wealth is likely in the millions.
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2024-04-15 16:28