During a heated debate about Ripple‘s relationship with XRP, David Schwartz, the company’s CTO (Chief Technology Officer), has offered clarification, aiming to bring understanding between the two sides.
Ripple CTO On Naming Controversy
In the past, XRP and Ripple had similar identities; XRP used to be called “ripples” before adopting its present form. As a result, there is frequent confusion within the crypto community, leading to misunderstandings about whether they are one and the same.
To begin with, the controversy over the company’s name and XRP, which started on the X (previously known as Twitter) platform, was first sparked by an Australian attorney named Bill Morgan. He drew the community’s attention to a mistake on the Australian Crypto Convention’s website, where XRP was incorrectly labeled as Ripple.
“He lamented, ‘It’s disappointing that the Australian exchange continues to confuse Ripple with XRP, despite the distinction.’ He included a screenshot for clarification in his post.”
A user expressed their disappointment by commenting that Morgan failed to acknowledge XRP‘s previous name, which was referred to as Ripples before the 2017 market surge. They advised Morgan to revisit old news articles for accurate information. In response, Morgan agreed with the user but pointed out that both terms are now seven years old.
David Schwartz responded to a user’s criticism of the payment firm regarding past controversies. In Schwartz’s perspective, the company couldn’t have foreseen that the resolution would create confusion down the line.
When they coined the terms for these entities, private blockchains and Initial Coin Offerings (ICOs) did not exist yet. The company tried hard to get the community to recognize the distinctions though.
Nik Bougalis, who used to be the engineering chief at the company, expressed his views on the matter too. According to him, the company’s decision to exclusively use the name “Ripple” for both its network and protocol led to the naming controversy. In his opinion, this was a regrettable choice of name with potentially serious repercussions in the future.
Distinction Between The Company And XRP
It’s crucial for cryptocurrency investors to understand the unique characteristics of Bitcoin and Ethereum to thrive in the market. By recognizing their differences, crypto fans can appreciate the significant roles each has played in shaping the broader crypto world.
Ripple is a money transfer system designed specifically for the financial industry, while XRP serves as the native token used in the XRP Ledger (XRPL).
XRP serves a more hands-on function in executing transactions on the blockchain, while Ripple’s technology collection is designed to appeal to banks and other financial organizations for enhanced payment handling and clearing processes.
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2024-04-10 16:41