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Here is why Ripple XRP is mostly misunderstood
Ripple is by far the most misunderstood coin in the crypto space at the moment. With lawsuits being thrown at the Ripple foundation by investors who claim that the foundation and the XRP are one and the same thing, to regulators taking a closer look to try and find out exactly what the XRP and Ripple is all about, we had to break it down for you just so you can understand what the XRP is all about.
Defining the Ripple
Well, for starters, Ripple is an iteration of RipplePay which is a real-time gross settlement system represented by the XRP protocol as a token or cryptocurrency. Ripple can serve as a currency exchange or a remittance network whereby the XRP is managed independently on a network that validates transaction from distributed servers that constantly update the network’s ledger with new transactions.
Unlike Bitcoin that depends on a proof of work concept to verify and add transactions to the Blockchain ledger, Ripple’s XRP network is not designed to rely on mining, intense computing resource or energy. Rather, the ripple is supported on a public database maintained by validating servers that can either be a bank or an individual.
Is ripple even a Blockchain?
Well, technically Ripple is not a Blockchain technology. Although most people assume that the XRP is run on a Blockchain network, Ripple actually uses HashTree which is a functional programming data structure that provides consensus to the ledger by comparing and validating the summarized data.
If Ripple is not a Blockchain why are banks into it?
Glad you asked. Well, as a standalone technology, the XRP is valuable to banks as a payment consensus mechanism. Even though the XRP can be used between individuals to settle payments instantly, it was never really designed to be a store of value like other cryptocurrencies such as Bitcoin. The Ripple XRP was originally designed to be a technology that moves money between banks and across borders quickly and at negligible fees.
The recent turn of events have pulled a lot of attention to the XRP, and the Ripple foundation here is an update. The SEC has been debating on the fate of cryptocurrencies that has further pushed the debate on whether the XRP is a securities token for the Ripple Company or just a standalone commodity. To this regard, Ripple (the company behind the XRP) has been prompt to address the confusion surrounding the true purpose of the XRP. Ripple has repeatedly distanced itself from the XRP despite being the main issuer of the XRP.
Separating XRP from Ripple
In fact, Ripple has initiated a campaign that will establish the XRP symbol with efforts from the XRP community to come up with a new logo for XRP. However, it still remains that a huge part of the crypto community is still confused by XRP and Ripple. Most cryptocurrency enthusiasts view the XRP as a centralized cryptocurrency that only severs the needs of banks. To this reason, most have shied away from investing in XRP with CNBC reporting how some early investors in the cryptocurrency space find the XRP unattractive.
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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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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…
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…
Altcoins
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…
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