Altcoins
Brad Garlinghouse: Ripple Did Not Issue XRP
On the 29th of August, Ripple CEO, Brad Garlinghouse, was a guest at the Stanford Law School to discuss cryptocurrency regulation. He was part of a panel at the University’s radio show known as the Stanford Legal. This show is hosted by Pam Karlan and Joe Bankman. On this day, they were joined by Brad Garlinghouse and Professor Joe Grundfest. The entire session can be found on youtube courtesy of BankXRP.
In the discussion, Brad Garlinghouse once again clarified that the Ripple company did not create, neither issue XRP. Brad is quoted as saying:
I will correct one thing right out of the gate. Ripple did not actually issue XRP. The XRP ledger is an open source Decentralized Technology…not dissimilar to Bitcoin and some of the creators of the XRP ledger actually had been early engineers that worked on Bitcoin. And they saw some of the scalability problems that Bitcoin was most likely to have…
They speak both from an energy consumption, cost…and some of the other problems. They wanted to build a better digital asset to solve some of these problems.
XRP Is The Most Decentralized
With the above comments, Brad Garlinghouse has once again clarified that XRP is not a security as many crypto enthusiasts have been led to believe. The fact that the technology is open-source, makes the case that the Ripple company simply took it upon themselves to create payment solution products around it.
Ripple CTO, David Schwartz, goes on to explain the inherently decentralized nature of the XRP ledger in a not so old post on Ripple.com. In the post, David Schwartz highlights several factors that make the XRP ledger more decentralized than Bitcoin and Ethereum.
To start, the proof of work evident in the BTC and ETH networks makes it possible for a few miners to take control of the entire network and even dictate the cost of transactions. On the other hand, the consensus protocol of XRP relies on validators that are not rewarded thus making it more democratic and less vulnerable to control by miners.
Another thing is that for any rule change to be made on the XRP ledger, 80 percent of the validators must be active on the network for a 2 week period to continuously support a change before it is applied. This, in turn, means, as the BTC and ETH network become more centralized with time due to miners gaining more power, the XRP ledger is becoming more decentralized due to the fact that the Ripple company is slowly ceding its positions as UNLs (Unique Node List).
SEC Have Not Documented Whether BTC or ETH are Not Securities
Using the facts from David Schwartz’s post, we are reminded of the loopholes in SEC’s Director Hineman’s comments about Ethereum. One thing many crypto-enthusiasts did not notice about his statement, is that there was a disclaimer at the bottom stating that the SEC is not responsible for any private remarks of any SEC employee or commissioner.
Further checking the speech by Director Hineman, we find the following disclaimer at the bottom:
The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This speech expresses the author’s views and does not necessarily reflect those of the Commission, the Commissioners or other members of the staff.
In conclusion, the comments by Brad Garlinghouse plus the post by David Schwartz have proven that the XRP ledger is the most decentralized in the crypto-verse. Furthermore, the Ripple company did not issue XRP. Adding the disclaimer from the SEC, it is safe to conclude that the FUD around XRP that it is a security, has no basis or foundation.
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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.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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