Ethereum (ETH) has literally taken a beating in the crypto-markets. We had all hoped that the King of Smart contracts would survive above $300 and were crossing our fingers that it would not see anything less. But what happened, is that ETH touched its lowest value of the year just yesterday on August 13th. This value was $259. The last time ETH was at this level, was actually almost a year ago on the 7th of August 2017.
Looking at the charts at coinmarketcap.com, we see that Stellar XLM has just made an entry into the top 5 coins by edging out EOS. The fact of the matter remains that XLM has declined less due to a weak BTC, than any of the other top 10 coins.
The reasons why Stellar XLM is on a path to greatness is the continual developments that continue to be supporting the project. We have the recent news of Coinbase planning on adding XLM together with the digital assets of ADA, BAT, ZRX, and ZEC. This has boosted the visibility of XLM that has up until now, been a coin not many considered as being stable enough to be an investment option. XLM might be a safer bet than ETH henceforth.
There is also the IBM partnership that Stellar XLM has that has resulted in IBM running 9 Stellar nodes to settle cross-border transactions for IBMs partners that include global Central Banks. There is also the tokenization of Carbon Credits that will be done on the Stellar blockchain as well as a Stable coin that will be pegged to the USD. Both these projects have IBM at the center of it all. There is also the contract IBM got to develop blockchain solutions for the Government of Australia that puts Stellar at a great spot for adoption into those solutions.
So how is Stellar (XLM) becoming the slow Ethereum (ETH) killer outside the markets?
Last year saw the boom of ICOs in the crypto-verse that accepted ETH as a source of funding. This then led to the demand of the digital asset and in return, it skyrocketed. Most of these projects built their projects on the ETH platform. Since then, the ETH network has proven to be congested and having security vulnerabilities leading more recent projects to look to other blockchain platforms to create their projects on.
Stellar has been stacking up on these projects without much buzz being made about it. They include the following projects:
- IBM’s stable coin
- Stellarport Decentralised Exchange
- Satoshi Pay
- Open Garden
- REM Loyalty
These projects have chosen the Stellar XLM blockchain smart contracts due to the following reasons:
- Multi-signatures – concept requiring signatures of multiple parties to sign transactions stemming from an account
- Batching – the concept of including multiple operations in one transaction
- Atomicity – the guarantee that given a series of operations, upon submission to the network if one operation fails, all operation in the transaction fails
- Sequence – Utilizing sequence numbers in transaction manipulation
- Time-bound functions – limitations on the time period over which a transaction is valid
These additional benefits of the Stellar XLM Blockchain can be summarized by the Co-founder and CEO of Mobius, David Gobaud who explained why they chose Stellar over ETH:
“We realized there was no way that ethereum could handle our technology. It was too slow, too expensive and too insecure. … We see all these other projects with these immense problems. We think we’ve uncovered this underutilized, really unknown technology [of Stellar].”
Summing it up, Stellar has proven to be a more stable cryptocurrency than Ethereum during periods of market decline. This has then led to the further realization that more and more blockchain projects are choosing Stellar over Ethereum for the development of there projects and tokens due to the benefits outlined above. We can then conclude that XLM is indeed a slow Ethereum killer.
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…