CTO Ripple Reveals Origin of XRP Name
Date: 2024-02-24 Author: Dima Zakharov Categories: BUSINESS
Decoding the XRP Name
David Schwartz, the Chief Technical Officer (CTO) of Ripple, recently unveiled the fascinating history behind the nomenclature of XRP, the native digital currency of the XRP Ledger. This revelation sheds light on the thought process that went into naming one of the most prominent cryptocurrencies in the market.
The XRP Naming Convention
Schwartz began by explaining the standard procedure for forming ticker symbols for national currencies, where a two-letter symbol representing the issuing country is combined with an additional letter. For instance, the currency code for the US dollar, USD, originates from the combination of US (United States) and D (dollar).
When it comes to assets not tied to any specific country, Schwartz emphasized that the first letter of the code should start with X. Following this rule, the ticker for gold is XAU (Aurum - gold in Latin).
Origin of "XRP"
During the early stages of XRP Ledger development, the native token was simply referred to as "ripples." Hence, the abbreviation XRP was derived from this original name.
Schwartz also touched upon the naming convention within the cryptocurrency space, noting that while some use BTC for Bitcoin, those concerned with standards prefer XBT.
Looking Ahead
Previously, Schwartz criticized the idea of introducing "Robinhood" tokens based on the community-approved amendment XLS-39. This amendment proposes redistributing assets from the top 10% holders to the poorest 90% at random intervals.
In February, Ripple researchers forecasted "significant changes" in the cryptocurrency market structure, favoring institutional demand. This unveiling of the XRP naming story adds another layer to the intricate world of cryptocurrencies, providing enthusiasts with a deeper understanding of the digital asset landscape.
