Global Coin Report had earlier anticipated the XRP mega breakout that happened on Friday, 21st of September. All our team had to do, was observe the charts and recognize there was a massive spike in the trade volume of the digital asset right after the announcement that xRapid might go live in the next month or so. There was also the additional interest of the digital asset via social media platforms. The discussions are still evident and include how Ripple solutions in the financial industry, will bring the much-needed blockchain revolution to the banking industry. After seeing the recent success, we decided to take a look at the future of Cardano (ADA).
Cardano (ADA) Plans on Doing the Same Thing
One of the core missions of the Cardano project is to develop a decentralized blockchain and cryptocurrency with smart contract capability, as well as delivering more advanced features than any protocol out there. Cardano has made financial smart contracts simpler through the Marlowe Project.
Marlowe does this by allowing the user to write financial smart contracts by simply visually composing known building blocks. The existing building block toolbox has three categories: observations, contract and the money to be transferred in ADA.
Perhaps Marlow can be used to design very simple smart contracts to power cross-border payments or even peer-to-peer automated payments. Looking at the future of Cardano, the smart contract capability on the Cardano platform could create something similar or better than Ripple’s xRapid.
Catering for the 3 Billion Unbanked Globally
One of the organizations that contribute to the development of Cardano, is IOHK. According to the Cardano website, IOHK is committed to using peer-to-peer innovations to provide financial services to three billion people that don’t have them. Majority of the unbanked reside in emerging countries that are in Africa and Asia. Once Cardano spearheads financial inclusion in these regions, it would have done something far much greater than Ripple is doing by courting the global banks through RippleNet.
One thing that has helped increase the financial development of these emerging markets, is mobile banking that has been spearheaded by services such as MPesa in Kenya. Such services allow anyone with a registered mobile SIM card, to use it as a mobile bank. The owner of the SIM can then proceed to transfer funds through MPesa, as well as securely storing it on the network. The parent company of the service – Safaricom Limited – has seen its revenue increase exponentially by simply charging a small convenience fee with each transaction.
If Cardano were to come up with such a service that directly uses ADA, then the sky is the limit for the digital asset. Such a feat would be greater than xRapid and xCurrent combined.
Future of Cardano
It is with the above brief future possibilities of the Cardano project, that we can compare its current value in the markets of $0.09, to that of XRP mid last year. This was when Ripple was finalizing the development of its software solutions of xVia, xRapid and xCurrent. As a matter of fact, the team at Cardano are also finalizing a lot of the back-end functions such as the earlier stated smart contracts.
Observing the circulating supply of both XRP and ADA, the coins in are 39.8 Billion and 25.927 Billion respectively. With a difference in supply of 13.873 Billion, it is clear that once ADA starts to blossom in the market, it could even outperform XRP’s peak value of $3.82 seen back in January.
However, if we consider the Cardano project to being where Ripple was in May 2017, then the project and coin have another 1.5 years to come up with a working product and to propel its adoption in solving real-life problems. Therefore it would be prudent to consider slowly accumulating some ADA religiously on a monthly basis for the next 1 year or so.
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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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Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…
My Crypto Heroes Announces Issuance of MCH Governance Token
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:
During December 2020 the first governance…