Connect with us

Blogs

Blockchain Hearing at the UK Parliament Puts Ripple (XRP) on Defensive

Published

on

Ripple

The hearing regarding blockchain technology and digital currencies was held at the UK parliament this Tuesday, and it did not go well for Ripple (XRP).

Cryptos and blockchains were one of the biggest subjects discussed by the UK parliament this Tuesday, and unfortunately for the new technologies, the hearing was mostly dominated by skepticism. However, one thing that might be surprising is that the members of the parliament were not the ones who brought the negative tone themselves.

Ripple under fire

The strongest voice against Ripple belonged to the director of Centre for Evidence-Based Management, Martin Walker. Walker, who also worked as a product developer for the blockchain consortium R3, kept criticizing XRP and has stated that these technologies can’t be of any help when it comes to solving inefficiencies regarding the financial sector. He mostly criticized the product that Ripple can offer currently.

However, Ripple also had someone to defend it, and this is the role chosen by Ryan Zagone, the Director of Regulatory Relations.

Everledger’s chief operating officer, Chris Taylor, as well as London’s King’s College researcher, Dr. Grammateia Kotsialou were the ones who answered any questions asked by the Parliament.

Zagone’s testimony had him citing the ability to keep an eye on any transfers involving money. According to him, this is one of the biggest benefits that this technology can offer. Walker, on the other hand, stated that having the ability to track money is not going to be of any use if those involved in the payment choose not to upload the status. This was an argument against the company’s model, which is only a bit more than the already-existing messaging system called SWIFT.

He added that having a blockchain won’t make people report the status of the payment, or reveal where the payment actually is.

He did not stop at that, either. Instead, Walker kept criticizing Ripple’s projects that are proposing the use of Ripple’s digital currency, XRP, for bridging different currencies during the international transactions. So far, this was usually a job for the US dollar.

Walker also stated that the currency needs liquidity in order to get in and out of Ripple. The biggest reason why Ripple is not reliable, according to him, are its recent major shifts in value.

XRP’s connection to Ripple Labs

One of the more confusing questions regarding the XRP was its relationship regarding the Ripple Labs. Parliament member Stewart Hosie’s comment was that buying XRP does not give the buyer a stake in Ripple Labs ownership, nor does it pay in return, which basically means that doing so serves no purpose.

Zagone tried to explain this as well, by saying that this is a very common misperception. He said that XRP is open source which wasn’t created by the company. Instead, it exists as part of an open source tech. The company was simply created in order to modernize the payments through the use of that open source tech. Basically, the company did not make XRP, the just own a large amount of it. The connection between XRP and Ripple’s actual company is indirect.

Zagone was also asked whether the XRP cryptocurrency was made with a design that allows it to avoid regulations. To this, he added that the XRP was only sold by Ripple to institutional investors, but not to any retail consumers.

In the end, Walker stated that the Committee should think about cryptos and blockchains critically. His conclusion was that the word innovation shouldn’t blind anyone and make them ignore the mistakes that were being made over and over again.

The hearing is also available online.

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.

Image courtesy of Michael Levine-Clark via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release