[XRP](https://exolix.com/currencies/xrp){:target="_blank" rel="dofollow"} is the world's most commonly used cryptocurrency, one of the largest digital assets by market capitalization on a daily basis. It is made to facilitate low-cost, high-volume, and real-time payments. XRP has practically been identified as interchangeable with Ripple Labs, which utilizes it in its cross-border payment systems. But what everyone wants to know is: who created XRP? and when was XRP released?

The answer is complicated. XRP was designed early in the history of crypto design, and there were many different individuals and groups of individuals that worked on it. It begins even before Ripple Labs, when developers began to develop a better system than Bitcoin's shortcomings by developing a faster, more efficient payment system.

In this article, we'll explore XRP history from its early vision by Ryan Fugger, through its official XRP launch date, to the contributions of Ripple's co-founders. By the end, you'll have a clear picture of when was XRP created, who XRP creators were, and why it remains one of the most influential digital assets today.

[![xrp swap](https://blog.exolix.com/uploads/Frame_1991431864_15_10100b1b08.png)](https://exolix.com/currencies/xrp){:target="_blank" rel="dofollow"}


The Early Beginnings of XRP - Ryan Fugger's Vision
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The past of XRP runs before the past of Ripple Labs. Ryan Fugger, a Canadian software developer, in 2004 was developing a system, RipplePay. He envisioned a decentralized payments system by which individuals and communities would be empowered to issue their own credit and exchange value directly without banks or central authorities.

While RipplePay wasn't cryptocurrency by today's standards, it was the foundation of what would ultimately become XRP. Fugger's website used trust lines - a mechanism whereby users could exchange transactions among themselves using credit relationships among themselves. That idea of creating a peer-to-peer value exchange network became part of Ripple's DNA.

Prior to Bitcoin's popularity in 2011, developers had already started investigating how Fugger's idea would be using blockchain technology. This would provide a more efficient and power-saving money online in comparison to [Bitcoin](https://exolix.com/currencies/btc){:target="_blank" rel="dofollow"}.

And so when one would wish to know about "who founded XRP?" the starting point goes back to Ryan Fugger as the originator of the concept whose realization would later be seen in Ripple and the XRP Ledger. Fugger himself may not have had a hand in the end product of XRP, but he is the hypothetical founder of XRP since it was his system that gave rise to the subject project in the very first place.

When Was XRP Developed and Launched?
------------------------------------

There was formal development of XRP in 2011 when three coders, David Schwartz, Jed McCaleb, and Arthur Britto, set out to develop a new payment protocol for use in a digital space. Their target was to overcome the disadvantages of Bitcoin: slow confirmation times, high energy use, and not being able to scale for cross-border payments.

They had developed the XRP Ledger in 2012, a fast- and efficient-blockchain-like platform. The XRP Ledger used a consensus mechanism to authenticate transactions and could confirm more quickly, with less energy expenditure than Bitcoin's proof-of-work mining.

McCaleb and Larsen presented their new proposal to Ryan Fugger in September of 2012. Fugger, operating RipplePay since 2004, was willing to relinquish control of the project to them. This was the transition from Fugger's RipplePay concept to what would eventually become Ripple Labs and XRP in good faith.

So, in what year was XRP created? Technology creation of XRP occurred in 2011-2012, and XRP itself was introduced in 2012 with the founding of Ripple (formerly OpenCoin).

And when did XRP launch? XRP was already there since the year 2012, and Ripple Labs held back most of the supply to fuel network growth and adoption.

In short, when was XRP created? - XRP was founded in 2012, one of the first cryptocurrencies after Bitcoin.

Who Were XRP and Ripple Founders?
---------------------------------

While Ryan Fugger started the early ideas of RipplePay, the group that developed the XRP and propelled the vision included a number of renowned individuals. They were not just the history makers of XRP but also of the company, Ripple Labs.

-   Jed McCaleb - Arguably the most recognized developer in the cryptocurrency arena, McCaleb founded Mt. Gox (later disposed of before its downfall) and co-founded the XRP Ledger. He envisioned an energy-conservative and faster alternative to Bitcoin. McCaleb eventually parted ways with Ripple in 2014 and co-founded Stellar (XLM).

-   David Schwartz - Ripple's chief cryptographer, more accurately described, was one of the primary designers of the XRP Ledger consensus protocol. Schwartz provided cryptography and distributed systems knowledge that drove the technical specification of XRP.

-   Arthur Britto - Besides being a co-creator of the XRP Ledger, Britto was also part of the founding team since he had worked with McCaleb and Schwartz when the project first started. Less prominent than the others, his contribution was crucial in the development of the technology.

-   Chris Larsen - Investor and entrepreneur, Larsen joined in 2012 and was the greatest business leader at Ripple. He was one of the co-founders of Ripple and was in charge of fund-raising, forming partnerships, and driving XRP into the financial sector.

These people joined to build Ryan Fugger's dream and make it what is today Ripple Labs and XRP. So, if one were to pose the question "who created XRP?", the answer is not an individual but as a whole: Fugger as concept-toronto-exclusive-owner, and McCaleb, Schwartz, Britto, and Larsen as the coder-entrepreneurs who brought XRP to market in 2012.

The XRP Launch and Early History
--------------------------------

The launch timing of XRP was 2012 when the XRP Ledger was launched and Ripple Labs (formerly OpenCoin) came into being. That is when XRP became an operating payment and finance currency.

XRP was first released in bulk. While 100 billion XRP tokens came out, 80 billion were owned by Ripple Labs and 20 billion were owned by the Ripple founders (Jed McCaleb, Chris Larsen, and Arthur Britto). Later, this kind of distribution scheme was a centralization controversy issue but also gave Ripple enough tokens to cover its operations and development.

The early years of XRP development were invested in establishing Ripple as a fintech firm. It wasn't so much creating another cryptocurrency but on using XRP as an asset bridge for cross-border payments. That is where Ripple branched off from Bitcoin as "digital gold" and [Ethereum](https://exolix.com/currencies/eth){:target="_blank" rel="dofollow"} or [Solana](https://exolix.com/currencies/sol){:target="_blank" rel="dofollow"} focusing on smart contracts.

By 2013-2014, Ripple had begun going to banks and payment providers. XRP was marketed as the solution to speed up settlement and lower the cost of cross-border payments. Modest usage initially, this set the stage for Ripple's later business payments traction.

And so, when was XRP released? It was released in 2012, even though the earlier phases were used to test, gain credibility, and show how the technology would revolutionize payments globally.

Ripple's Growth and the Adoption of XRP
---------------------------------------

After the XRP launch in 2012, Ripple Labs was quickly touting itself as a payments company that aimed to disrupt cross-border payments. Most other cryptocurrency projects didn't offer XRP as a tool to speculate on, but as a tool to speculate against, whereas Ripple connected it to real-world use cases in finance in the actual world.

The issue Ripple set out to solve was the problem of slow, expensive, and ineffective cross-border payments. Traditional banking systems like SWIFT settle cross-border payments in days and incur exorbitant fees. Ripple proposed leveraging XRP as a bridge currency to ensure instantaneous settlement and liquidity across fiat currencies.

Ripple already in 2014-2017 had collaborated with some major financial institutions to experiment with its system. XRP's role in this system was to enable fast, cheap liquidity. It can take milliseconds to confirm a Solana transaction, but XRP transactions were also groundbreaking at the time - settling in 3-5 seconds, much faster than Bitcoin or Ethereum.

When Ripple grew, XRP was one of the most capitalized digital currencies. It was still one of the top three assets excluding Bitcoin and Ethereum in 2017-2018 when there was a crypto bubble. It was an incubation period in the life cycle of XRP, and it was one of the most well-known digital currencies in the market.

So whereas XRP was conceptualized by persons such as McCaleb, Schwartz, and Britto, it was actually designed as a global payments system by Ripple Labs founded by Chris Larsen and later Brad Garlinghouse. It is this dual function - as a cryptocurrency and as a fintech product - that differentiates XRP.

Controversies and Legal Issues in XRP Background
------------------------------------------------

No account of who created XRP and how would be complete without mentioning the controversies which have haunted Ripple and the XRP token. As revolutionary as 2012 has been for XRP, the project has had its critics and fought lawsuits along the way.

### Centralization Concerns

There were centralization claims of XRP from day one. While Bitcoin was mining, 100 billion XRP tokens were pre-mined because XRP initially went out. Ripple Labs owned 80 billion tokens, and if the company had too large an interest in the asset, it was debated. The debate rages to this day, with XRP's proponents citing Ripple's escrow system (to spread tokens slowly out over time) as a method of preventing oversupply.

### Jed McCaleb's Exodus

Ripple co-founder Jed McCaleb departed the company in 2014 to co-found Stellar (XLM). His exit was contentious, especially after being awarded a ginormous sum of XRP. His dump in XRP incrementally every year fueled suspicion regarding price pressure.

### The SEC Lawsuit

The United States Securities and Exchange Commission (SEC) charged Ripple Labs in December 2020 with selling XRP as an unregistered security. It was the highest-profile court battle in the crypto universe. The case raised gargantuan questions about the nature of cryptocurrencies and whether XRP is a bond or a share.

Despite the court fight having been in disarray, Ripple has not lost its quest elsewhere beyond America, instead targeting non-American markets. The outcome of this case will determine the destiny of Ripple and XRP.

In conclusion, XRP history is one of innovation and controversy. This sort of issue is proof of the challenges of decentralization, regulation, and adoption in crypto.

[![xrp swap](https://blog.exolix.com/uploads/Frame_1991431864_15_10100b1b08.png)](https://exolix.com/currencies/xrp){:target="_blank" rel="dofollow"}

Who Created XRP vs. Who Created Ripple
--------------------------------------

If one asks "who came up with XRP?" it is somewhat misleading since there is not a single disparity between the team said to have developed XRP and founder of Ripple.

David Schwartz, Jed McCaleb, and Arthur Britto created the XRP Ledger in 2011-2012 from Ryan Fugger's earlier RipplePay system. They created XRP as a more rapid digital currency than Bitcoin. This group is best known for creating XRP.

### Ripple's Foundation

Meanwhile, Chris Larsen also joined the team in 2012 and helped make Ripple Labs (formerly OpenCoin) the entity that would be responsible for the XRP Ledger. Both Larsen and McCaleb are commonly accepted to be part of Ripple's group of founders. Ripple Labs would eventually become the entity to push XRP adoption across the financial industry, develop RippleNet, and interact with banks and payment processors.

### Ryan Fugger's Contribution

Even though Fugger did not develop the XRP Ledger, his initial RipplePay concept is given the credit of being the impetus that spurred the efforts towards developing Ripple and XRP. Because of his dream of peer-to-peer transaction, the XRP history might never have taken place.

So in summary:

-   When was XRP created? → 2011-2012, when McCaleb, Schwartz, and Britto developed the ledger.

-   When was XRP established? → 2012, when Ripple (OpenCoin) was founded.

-   Who established XRP? → Founders of the XRP Ledger (McCaleb, Schwartz, Britto), in Ryan Fugger's spirit.

-   Who established Ripple? → Business founder Chris Larsen and tech founder Jed McCaleb.

This disparity also explains why so frequently the XRP inventor and Ripple inventor are referenced synonymously when both are discussing distinct individuals on the project.

Conclusion
----------

There is not an easy one-size-fits-all answer to who invented XRP. Instead, the origin of XRP is one of co-creation and evolution. Ryan Fugger founded the company with RipplePay in 2004 as a peer-to-peer payment idea that opened the doors to the things that were yet to come. XRP Ledger was developed by Jed McCaleb, David Schwartz, and Arthur Britto in 2011-2012 with dreams of quicker, less expensive, and more scalable Bitcoin transactions. Chris Larsen, an entrepreneur, later joined and co-founded Ripple (formerly OpenCoin) and distributed XRP to the financial world.

So when did they create XRP? The XRP Ledger was created between 2011-2012. When did XRP launch? XRP was launched in 2012, the year when Ripple Labs was founded. XRP is currently one of the world's leading cryptocurrencies by market capitalization, a leading cross-border payments and blockchain finance enabler.

There is some XRP background that involves setbacks - anywhere from centralization controversies to the pending SEC lawsuit currently pending - but its mission to enhance cross-border payments remains. Ripple continues to build additional bank and fintech collaborations worldwide, and XRP remains a fast, efficient bridging currency.

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XRP history from its early vision by Ryan Fugger, through its official XRP launch date, to the contributions of Ripple's co-founders

Who Created XRP Ripple?

In this article, we'll explore XRP history from its early vision by Ryan Fugger, through its official XRP launch date, to the contributions of Ripple's co-founders

Speed is perhaps the largest adoption driver within the blockchain ecosystem. Builders, traders, and decentralized apps requiring efficiency are what an efficient network attracts. Among all the top blockchains that are currently operating, Solana is typically featured as being incredibly fast and boasting super-quick confirmations. But how long are Solana transactions, then?

The short version: [Solana](https://exolix.com/currencies/sol){:target="_blank" rel="dofollow"} transactions are no more than a few seconds, many orders of magnitude quicker than Bitcoin or Ethereum blockchains. Solana transaction speed is one of the primary reasons that it's been so in-demand for decentralized finance (DeFi), non-fungible tokens (NFTs), and high-frequency trading.

In this article, we'll explore the technology behind Solana speed, compare Solana transaction time to other networks, and explain why its architecture makes it one of the fastest blockchains in the world.

How Solana's Architecture Enables Fast Transactions
---------------------------------------------------

In order to explain Solana transaction speed, one must consider the technology itself. Solana has been architected from scratch to be highly scalable and high-performance, wherein it leverages new innovations that make it distinct from blockchains that preceded it.

The first of the big innovations is Proof of History (PoH). Unlike block confirmations in Bitcoin or Ethereum, Solana makes use of a cryptographic clock that timestamps the transactions before they are added to the blockchain. The ordering mechanism greatly minimizes communication between validators, thus processing is fast.

Secondly, Solana uses PoH with Proof of Stake (PoS) for verification. Validators lock up SOL in order to secure the network and confirm transactions. As pre-sequenced ordering does not exist, validators can confirm multiple Solana transactions at the same time, maximizing throughputs.

Third, Solana handles concurrent transactions with technology known as Sealevel. The vast majority of blockchains handle transactions sequentially, but Sealevel allows thousands of smart contracts to be processed concurrently, allowing Solana to significantly boost speed.

The outcome of these feats is a blockchain that can handle between 65,000 TPS on a test environment, and fractions of a second are the average transaction time for Solana. Production use notwithstanding, throughput will be larger than much of the competition by several orders of magnitude.

In brief, Solana's architecture renders it extremely efficient. It is little wonder, then, that DeFi application developers, NFT platforms, and exchange websites choose Solana when speed and fees are needed.

Average Solana Transaction Time
-------------------------------

When customers ask "how long do Solana transactions take?", what they essentially want to understand is the rate at which the network confirms the transfer or smart contract transaction. Solana transaction speed is actually one of the quickest in the blockchain space in the real world.

Generally, usually, **it is about 400 to 500 milliseconds of network confirmation on Solana**. That's a question of validating a transaction within one second, much quicker than Ethereum's 12-15 second or even Bitcoin's 10 minute block confirmation.

This near-instant Solana transaction rate is achievable since Proof of History is integrated with simultaneous transaction processing. Instead of giving validators the freedom to construct and verify blocks on their own, Solana timestamps and batches transactions in advance so that they can be executed more efficiently by validators.

Worth noting is also the point that finality - when the transaction becomes irreversible - occurs in seconds. After confirmation, a Solana transaction cannot be reversed or changed, providing both speed and security.

To the user, it means sending SOL tokens, minting NFTs, or trading on a decentralized exchange essentially in real-time. That in-world functionality is one of the main reasons Solana speed is so desirable to developers and traders alike.

Solana Transaction Speed Compared to Other Blockchains
------------------------------------------------------

One of the simplest things to understand about the significance of Solana speed is to look at it as a relative measure against other leading blockchain networks. All blockchains have some competing design philosophy, and therefore transaction speed and scalability are impacted directly.

### Bitcoin

[Bitcoin](https://exolix.com/currencies/btc) is the original cryptocurrency but not an optimized one for speed. Bitcoin block times per transaction are around 10 minutes, and depending on network traffic, users will be forced to wait even longer for validation.

### Ethereum

[Ethereum](https://exolix.com/currencies/eth) is quicker than Bitcoin but far slower than Solana. It takes 12-15 seconds on average to verify an Ethereum transaction. It takes minutes during peak hours, and the gas fees are significantly higher.

### Binance Smart Chain (BSC)

[BSC](https://exolix.com/currencies/bnb) also confirms blocks every approximately 3 seconds, which is quicker than Ethereum. But that is slower than Solana transaction speed by milliseconds.

### Solana

At the same time, [Solana](https://exolix.com/currencies/sol)'s average transaction time is under 1 second. Thousands of transactions are supported by the network because of its Proof of History and parallel processing architecture.

And this is why and how developers and traders are drawn to Solana. Its transaction volume lightning speed is perfect for high-frequency trading, gaming, and DeFi applications where seconds - even milliseconds - are valuable.

Essentially, in comparison to Ethereum, Bitcoin, and BSC, Solana transactions are among the fastest and most efficient in cryptocurrency.

Why Solana Speed Is Important for End Users and Developers
----------------------------------------------------------

Solana's speed isn't just technologically innovative - it's also practical in real-world use by developers and end users.

For dailies, instant confirmation equates to smoother experiences. Sending SOL tokens or NFTs is virtually instantaneous, so the agony of waiting for minutes (hours) for a transaction to clear is a thing of the past. The low Solana transaction time also implies microtransactions, so paying for small services or in-game items won't be a delay.

To investors, it may be gain or loss. For DEXs, during periods of highly liquid markets, Solana speed enables trade executions to near-real time. This is bringing the network into favor for arbitrage, high-frequency trading, and advanced DeFi trades.

App developers benefit from Solana architecture since they can develop high-performance decentralized applications. Gaming apps can handle thousands of transactions per second in a game. NFT marketplaces can support huge drops without clogging the network. DeFi platforms can efficiently settle trades with zero or near-zero transaction costs.

The combination of speed and scalability puts Solana in contention. Compared to slow blockchains with transactions clogged halfway through high congestion and high fees, Solana transactions are cheap and quick even during heavy use.

In a nutshell, Solana speed makes blockchain adoption a game-changer - from instant payments to scalable applications - and becomes one of the most viable crypto development options for these times.

Factors Affecting Solana Transaction Speed
------------------------------------------

While Solana transaction speed is generally incredibly fast, there are a few reasons that a Solana transaction might take some time to be verified.

### 1\. Network Congestion

While Solana theoretically can handle hundreds of thousands of transactions per second, instantaneous peak demand will temporarily degrade performance. NFT minting events, big airdrops, or usage on high-traffic DeFi protocols from time to time produce congestion which will reduce Solana transaction time by an infinitesimally small percentage.

### 2\. Validator Performance

The Solana blockchain relies on validators to validate and process transactions. If validators are bogged down by technical issues or communication latency, transaction processing may be slow.

### 3\. Application Load

Some decentralized applications (dApps) on Solana may have additional processing steps before a user action is validated. While native performance in Solana is fast, application-specific lag can impact the time a user gets final confirmation.

### 4\. Network Glitches and Updates

As with any blockchain, Solana sometimes has a software update or a bug. In this instance, Solana transactions will be longer or need to be retried. Devs are working hard moving along on enhancing stability without giving up the network speed advantage.

### 5\. Finality vs Confirmation

A Solana transaction is typically confirmed in under a second but finality (when the transaction cannot be undone) takes slightly longer. That's fast relative to Ethereum or Bitcoin, however.

In reality, end users will typically experience Solana transaction time as almost real-time, but these factors explain variations in performance at peak loads.

The Future of Solana Transaction Speed
--------------------------------------

Solana has some of the fastest confirmation times in the industry today, but Solana's developers are not resting on their laurels. They are continuing to work to speed up Solana transactions and cement Solana.

### 1\. Continual Network Upgrade

Solana Foundation and development teams regularly update bi-periodic releases to support greater scalability, stability, and efficiency. They are built to minimize downtime, optimize validator performance, and execute Solana transactions at lightning speed even during heavy usage.

### 2\. Scaling Beyond Current Capacity

While Solana supports tens of thousands of transactions per second today, researchers are working to increase the cap again. The objective is to maintain nearly real-time Solana transaction speed while facilitating mass adoption across DeFi, NFTs, Web3 gaming, and business use cases.

### 3\. Better Validator Infrastructure

Upgrades to validators' hardware and software will also reduce latency and increase synchronization across the network, which in turn causes the confirmation of transactions to be faster on Solana.

### 4\. Ecosystem Development and Optimization

As more dApps are developed on Solana, more developers optimize application communication with the network. It is where Solana speed wins happen even as transactions scale by many orders of magnitude.

### 5\. Increased Adoption

If Solana maintains its scaling well, its performance can place it on par with the world's fastest blockchains for global finance systems, high-frequency trading platforms, and mass market consumer programs.

In a short-term outlook, the future of Solana speed appears bright. With scale breakthroughs and upgrades in progress, Solana will be among the world's fastest blockchains.

Conclusion
----------

For blockchain performance, Solana speed is perhaps one of the standout features of the project. Transactions on the network are confirmed in less than one second, with seconds of finality. This is compared to Bitcoin's 10 minutes and Ethereum's 12-15 seconds and is notable.

This blisteringly fast Solana transaction throughput is made possible by bleeding-edge tech such as Proof of History, parallel transaction processing (Sealevel), and an incredibly efficient Proof-of-Stake consensus algorithm. They allow Solana to process thousands of Solana transactions per second, and to scale decentralized finance, NFTs, and Web3 applications.

Although issues like validator performance and network saturation can impact processing time, Solana gets better with each update and optimisation. Its focus on efficiency and scalability puts the Solana transaction speed among the fastest globally in the blockchain universe.

In short, if you're asking "how long do Solana transactions take?" - the answer is: usually less than a second, making Solana one of the best choices for users and developers who value speed, efficiency, and scalability.

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We'll explore the technology behind Solana speed, compare Solana transaction time to other networks, and explain why its architecture makes it one of the fastest blockchains in the world.

How Long Do Solana Transactions Take?

In this article, we'll explore the technology behind Solana speed, compare Solana transaction time to other networks, and explain why its architecture makes it one of the fastest blockchains in the world.

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Bradley Pierce

Crypto Niche Expert

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