From Ripples to Waves: Building The Future of Payment Systems - Part 2

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From Ripples to Waves: Building The Future of Payment Systems - Part 2

Posted on August 13th, 2018 in Closer Look by Ryan Warner

Much has been said, and debated on the owners original ownership and stake of XRP as well as Ripple Labs.

The founders not only control a large percentage of XRP itself, but a significant percentage of ownership in Ripple Labs. The founders not only stand to make significant amounts of income from the value of XRP but the ever growing value of Ripple Labs.

The actual percentages of Ripple Labs owned by the most of the founders is not known, but it can be noted that Chris Larsen has a 17% stake in Ripple.

OneCoin Founders

To fund OneCoin/Ripple the founders were aware that $9 Million would not last a start-up for very long. To create additional funding they donated the majority, 80 Million XRP, to the company and the remaining 20 Million XRP were devided among the founders.

The order of which is as follows:

Jed McCaleb: 9 Billion XRP

Chris Larsen: 7 Billion XRP

Others: 4 Billion XRP 

The founders needed to get word out of XRP and XRPL as quickly as possible and to do so they were going to use XRP itself. OpenCoin's Bitcointalk promotion started on February 20, 2013. Members of Bitcointalk before February 19 were each rewarded with 1000 XRP to boost interest in the project with this airdrop.

New Frontiers

One Bitcoin investor took concern that XRP could overtake Bitcoin's dominance and offered bribes of 5 Bitcoins to spread that Ripple was a scam.

The second promotion came with Ripple collaborating with Georgia Tech's Computing for Good.

Users who registered with the promotion and donated CPU cycles for research were rewarded with amounts of XRP based upon the time donated. This was met with great success.

OpenCoin was rebranded to Ripple Labs at The Money 2020 Expo of 2013. This became the new brand of the company behind XRP, and the term, Ripple, often mistaken for the digital asset XRP to this day.

References:

https://xrphodor.wordpress.com/2018/04/09/a-history-of-xrp-ripple-part-1-2011-2013/

https://en.bitcoinwiki.org/wiki/Ripple

https://en.wikipedia.org/wiki/Ripple_%28payment_protocol%29