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<p>The post <a href="https://coinpedia.org/news/ripple-cto-david-schwartz-solves-the-xrpl-genesis-1-32569-block-mystery/">Ripple CTO David Schwartz Solves the Mystery of the Missing XRPL Genesis Block</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ripple’s Chief Technology Officer, <a href="https://coinpedia.org/news/ripples-cto-david-schwartz-explains-the-companys-xrp-holding-strategy/">David Schwartz</a>, has recently delved into discussions surrounding the missing of genesis block on the <a href="https://coinpedia.org/news/xrpls-battle-against-spam-results-in-12-million-xrp-burn/">XRP Ledger (XRPL)</a>. Drawing parallels with Ethereum’s genesis block, Schwartz aims to shed light on the situation and reassure the XRP community.</p> 
<p>Let’s dive into the details of this discussion. Join in. </p> 
<h2 class="wp-block-heading" id="h-xrpl-vs-ethereum-s-genesis-block">XRPL vs. Ethereum’s Genesis Block</h2> 
<p>In a recent chat with an XRP community member, MetaMan, David Schwartz pointed out interesting similarities between the start of the XRPL and Ethereum’s genesis block. Both had transactions before their official launch.</p> 
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   <p lang="en" dir="ltr">I had a conversation with a bitcoin maxi today. It went like this:<br><br>Him: Do you want to know my opinion of XRP?<br>Me: Sure.<br>Him: It's worthless.<br>Me: I know, but tell me anyway.</p>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1747137030369534424?ref_src=twsrc%5Etfw">January 16, 2024</a>
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<p>Schwartz illustrated this with a specific example, looking at a 2,622 ETH transaction on August 3, 2016, during Ethereum’s early days. This comparison highlights that pre-official transactions aren’t unique to the XRP Ledger.</p> 
<h2 class="wp-block-heading" id="h-the-transparency-challenge"><strong>The Transparency Challenge </strong></h2> 
<p>Schwartz acknowledged a significant 40,000 ETH transfer during Ethereum’s genesis block. However, he noted a lack of transparency about the origin of these funds, attributing it to decisions made when defining Ethereum’s genesis block. This insight suggests that such decisions, including XRPL’s initiation at ledger 32,569, may not indicate any wrongdoing.</p> 
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   <p lang="en" dir="ltr">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. 1/2</p>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1747318910276554777?ref_src=twsrc%5Etfw">January 16, 2024</a>
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<p>Questions about XRP distribution and concerns about missing ledgers numbered 1 to 32,570 have fueled an ongoing dialogue about the XRPL’s genesis block. David Schwartz, a key figure at Ripple, consistently explains the technical aspects of the ledger’s early days. </p> 
<p>He revealed that bugs in the first week, including the loss of crucial information from ledger 1 to 32,570, caused initial challenges.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/ripples-cto-chooses-ripple-shares-over-xrp-an-inside-look/">Ripple’s CTO Chooses Ripple Shares Over XRP: An Inside Look</a></p> 
<h2 class="wp-block-heading" id="h-schwartz-s-assurance-bugs-not-hidden-information">Schwartz’s Assurance: Bugs, Not Hidden Information</h2> 
<p>David Schwartz addressed concerns, explaining that the XRPL’s missing ledgers resulted from a bug, not an attempt to hide information about XRP distribution. Despite their efforts, the team couldn’t recover all the information due to data loss during the affected ledgers.</p> 
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   <p lang="en" dir="ltr">Effectively, XRPL has a genesis block with balances in it just as ETH does, but a big difference is that the ownership of all but about .01% of those balances for XRPL is precisely and publicly known: <br>Jed: 9 %<br>Chris: 9 %<br>Arthur: 2 %<br>OpenCoin: 79.99 %<br>Beta testers and developers:…</p>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1747362116221440067?ref_src=twsrc%5Etfw">January 16, 2024</a>
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<p>Schwartz reassured users that these missing ledgers contained no vital information for regular XRPL users.</p> 
<p><strong>Building trust</strong></p> 
<p>This shows how David Schwartz, is committed to addressing concerns and building trust in the cryptocurrency community. Leaders like Schwartz play a crucial role in maintaining confidence in blockchain technologies.</p> 
<p>Read More: <a href="https://coinpedia.org/news/is-ripples-ceo-brad-garlinghouse-hinting-at-a-big-crypto-boom-in-2024/">Ripple CEO Brad Garlinghouse Sparks Frenzy, Hints at Major Moves in 2024</a></p> 
<p><strong>So, what do you think? Glitch or hidden agenda?</strong></p>

Ripple CTO David Schwartz Solves the Mystery of the Missing XRPL Genesis Block

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