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Can Ripple (XRP) replace the dollar?

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Ripple XRP

When the CEO and founder of Ripple, Brad Garlinghouse was asked by her mother (who lives in Kansas) that what he does, he was at pains to go in detail what he and Ripple (XRP) sell. He simply answered that he sells software to financial institutions and banks. Simple, right? Well, not as put. Most financial services startups fall into one of the two sides: those who want to save themselves from banks and those who want to compete with banks. Ripple (XRP) on its side is a rare exception; it wants to do both.

Ripple (XRP), a transaction protocol and platform that is designed for remittance and coinage exchange, was developed with the aim to make online cross-border remittance instant and almost free of charge. Although new in the cryptocurrency sphere, Ripple has more than 100 global financial institutions, online payment service providers, and banks that have adopted their platform into their systems.

Value of Ripple (XRP)

Being the virtual currency of choice for financial institutions and banks, Ripple is without a doubt one of the most stable virtual currencies in the world today.

Since its entry to the stock exchange, XRP has been struggling to hit impressive prices, During the first and second quarter of 2017, Ripple’s value started to soar after hitting an impressive $0.4 per coin, after a short while Ripple prices fell by more than 50%. Afterward, Ripple (XRP) has gone through a hasty price surge to $3. The digital currency trades at $0.53998 currently; it increased in value by 1.79% in last 24 hours.

History of Ripple

Launched by Ripple Labs, a California-based company in 2012, Ripple has become a model for several other payment systems. With a platform with an open-source solution and a code that is publically available, the Ripple platform consists of decentralized personal computers same as Bitcoin platform. There is no designated server in place to govern and register individual settlements. The platform verifiers with personal computer software connected to the Ripple (XRP) network.

Ripple vs. the USD

What are the dollars in your wallet? It is a government printed paper that has been decided by the Government to be the legal tender for individuals as well as businesses to use to pay for goods and services. This government print is also known as fiat currency; this fiat currency is money that is used but not always backed up by any physical paper these days.

Government-issued cash is not fixed at a price by any principle standard unless the argument is that the US dollar is the principal standard.

Today, the dollars in your wallet was worth less than five years ago, and six years ago they were worth far less than what they were worth twelve years ago. Time diminishes the purchasing power of the government print in your wallet.

In the last few years, virtual currency or cryptocurrency has been revolutionizing how we exchange value. It is more like how Gmail disrupted the post office breaking the value chain and lifeline of post offices by making stamps to send letters irrelevant and a thing of the past.

Cryptocurrencies and more so Ripple (XRP) because it’s the chief digital coin involved in financial matters is a bank-less bank that is undoubtedly disrupting the economic front and the influence of the US dollar.

It will take the time. But as the time passes, we can expect Ripple replacing the US dollar to become the preferred medium of exchange by individuals, businesses as well as a financial institution in their everyday transactions and how they transact with each other on a daily basis.

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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.

Image courtesy of Pxhere.com

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

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

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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…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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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…

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