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Crypto to revolutionize business and money evolution, Ripple co-founder

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Ripple

The medium of exchange during the days of barter trade included precious metals, gold, and things considered valuable. Next came flat currency, banknotes, cash, things that have value because they are backed by governments and legal frameworks. Today there are math-based currencies! Currencies that are controlled by protocols and algorithms only. Now indeed, accepting and utilizing the power and potential of these new math-based currencies is going to be the big story in finance and the future of transacting.

In 2017, most of the top news featured included an article about cryptocurrency and Bitcoin’s enthusiastic rise and fall. Bitcoin’s value per unit rose from $900 in January to approximately $20,000 in December, according to CoinDesk. However, after a few days later, the cost of Bitcoin dropped by about 30 percent.

Despite such fluctuations in the crypto market, Chris Larsen, co-founder of Ripple, in a recent visit to his alma mater, predicted that blockchain and cryptocurrency technology would radically renovate and transform global business.

He argues that Bitcoin is making this revolution possible by kicking down doors and opening people’s eyes. Hard currency has always presented technical problems. For instance, how should a person track value in a way that is reliable and useful to extended networks of other individuals? Bitcoins are proving that computer protocols are as effective as institutional procedures in handling reliability and security.

Larsen speaking to students in Assistant Professor Shengle Lin’s Alternative Investment class, on April 9, highlighted that daily trading of digital currency isn’t as attractive as “the internet of value” being introduced by blockchain technology. The internet of value is an efficient system that allows money transfer to be made as quick and easy as an email, text message, or a phone call. The way it works is, if a person owes you $10, they initiate the transaction. The vast community of miners, who have powerful computing resources, verify and authenticate that the operation was done.

Larsen said,

“In the present time, if a person wants to wire money from their bank account to another country let’s say the U.K, it could take three to four days to reflect and would cost a fortune in transaction fees”

He further states, there is no fundamental infrastructure to send and receive money across borders instantly. This is the big problem that needs to be solved. This is where cryptocurrency and digital coins have hijacked the system in regards to enacting available, advanced, and fast transaction procedures that guarantee a swift and safe transaction.

Continuing with his thoughts, Larsen explained to the students that Cryptocurrencies exist on ledger networks, also known as decentralized networks. These networks aren’t controlled by financial institutions or governments; instead of having a central bank to process and record each transaction, every computer in the network records every transaction. The advantages of using cryptocurrencies are that they aren’t under the mercies of exchange or interest rates or transaction fees, and all in all, users have the ultimate control over their digital funds.

Alongside having numerous advantages, cryptocurrencies have their fair share of limitations too. Every ledge network has a unique set of attributes that makes it hard to apply on a global level, Larsen adds.

Subsequently, some digital currencies are not accessible. Bitcoin can only perform seven transactions per second, taking large amounts of power and resources to complete even a single transaction. That is due to all the computers in the network have to process each transaction. Larsen noted. Larsen also hinted at the fact that Bitcoin network consumes the same amount of energy annually as the whole population of Denmark.

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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 【Kelly D Photography】 via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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. One of the ways to have a successful…

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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…

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