Connect with us

Blogs

Are Stellar (XLM) and Ripple (XRP) really that comparable?

Published

on

Are Stellar Ripple Comparable

We can see how the cryptocurrency market grows every day. Steadily the offer of virtual coins is turning into a larger one, diversifying like that the wideness of the industry and each time, providing more new services that attach to the needs of the sector. However, sometimes in this amplitude of the repertory, many similarities can be found betwixt cryptocurrencies; even getting to a point where it results challenging to differentiate one from the other.

That is exactly the case of Stellar (XLM) and Ripple (XRP), two separate tokens that are linked one to the other very often. As a matter of fact, there are significant similarities between Stellar (XLM) and Ripple (XRP), many of which the most popular include the fact of having been founded by the same person Jed McCaleb.

But the truth is that despite the common points, these coins behave very differently, and their goals are the same way, very apart. Let’s see what the main differences between the tokens of Stellar and Ripple are!

The overall dissimilarity

The first difference has to be the purpose of each one of the cryptos. While it was supposed that Stellar was created with the intention of fixing the errors and improving what Ripple has, they actually approach different objectives.

For instance, Stellar aims to work with individuals to provide them with financial product and services at a meager price, creating an opportunity to fight against poverty and develop the full financial potential of each person.

On the other hand, Ripple works on a network with the vision of connecting bank entities, exchange platforms, and payment providers through the RippleNet. Its primary mission is to provide a safe network where transactions would be completely effective.

Similarly, while Stellar is a not-for-profit organization, Ripple is the opposite, a profit-seeking company envisioning to work on solutions to the most significant financial enterprises in the industry.

The protocols

At the beginning both Stellar and Ripple used to work under the same protocol, even sharing almost the same code. However, the story is entirely different now as currently they use different protocols and share almost nothing of the code.

At the moment, Stellar uses the Stellar Consensus Protocol (SCP) which can be considered as a big-scale evolution of the Federated Byzantine Agreement (FBA); in essence, it offers complete decentralization, flexible trust, bounded security and low latency. It all remains on decentralization, a fact that Ripple does not offer at the moment.

Ripple, on the other hand, uses the Ripple Protocol Consensus Algorithm (RPCA), which is basically based on the mechanism of Proof of Correctness (PoC).

Likewise, when it comes to the speeds of each protocol the first works at a pace of 1000 tx/s in contrast to the protocol used by Ripple, which in the lapse of each second is applied to all of the nodes.

Strategic alliances and collaborations

In this matter, Stellar is a few steps behind Ripple, which has developed the best partnership relations across the world.

Nevertheless, the Stellar Development Foundation has also created solid partnerships setting up payment platforms in some countries of the Europe continent and the Philippines, having Africa as the next target, a market potentially powerful to work with as is highly unexplored and accomplishes the vision of the company.

Ripple has developed relations all across the globe with some of the most crucial bank entities, including central banks. There remains a crucial difference between the two companies; while one is focusing on building relations with non-bank institutions, the other targets only the banking industry.

The current market differentiation

It seems somehow that even when Stellar has developed a great business model it still has so much to do to reach the level of its contender Ripple. As of today, Ripple figures at the number 3 spot in the charts of the website Coinmarketcap.com while Stellar is at the 8th position.

Both virtual currencies have decreased in value in the last 24 hours, Ripple at a 7.9% with a current price of $0.68 per unit, and Stellar with 9.5% of decrease and a total price per unit of $0.33.

To sum up, it results evident that now there are more features making both coins differ from the other than what it made them comparable at the beginning. However, both are excellent options in the market, and without any doubt, we could be seeing them exponentially growing in the near future.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Chart courtesy of Wikipedia Commons

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

Published

on

Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

Continue Reading

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

Published

on

Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

Continue Reading

Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

Published

on

Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

Continue Reading

Press Release