Binance is a cryptocurrency exchange currently based in Japan (it was founded in China but they moved out as the Chinese government showed a bit of hostility towards cryptocurrencies) that doesn’t only allow for coin trade, they own their own coin as well. Ripple is also an enterprise that owns a coin called XRP. So both are private companies that have put forward an alt-coin in the market.
Both coins are demanded, and they’re performing well (ok, not in last week or so, but that’s the case of the whole market and not these two only). And both are capitalized in the billions. So there are many similarities between the laboratories and coins, let’s dig a little deeper. These labs (ok, Binance is not exactly a lab but they do a lab’s work anyway, besides doing the trade and exchange bit) do the deed, they both have their coins and they both try to help the coin perform well, let’s see how they manage this.
1. The Symbol
Names and brands do matter. They help a good product to be identifiable. The right symbol is a good presence and that is part of a great coin’s good performance. Both Binance and Ripple have the right logo, the right symbol that’s made them something of an institution in the crypto community.
2. Great marketing
Maybe you’ve heard about coin burning? It happens, and projects do it because that decreases the supply and it makes a coin scarcer so it’s value goes up. But burning coins is something projects do only after the burnt coins have created profit. Last financial quarter Binance burned thirty million dollars worth of BNB crypto coins after those coins created 150 million in profits. BNB usually takes twenty percent of gains for token burns in order to make sure it always makes sense.
Ripple is not burning coins, at least for the time being. They are using the Escrow Ripple XRP reserve to add coins into the market and that has allowed them to keep the price low at the same time it keeps steadily rising with demand for XRP increasing by 80% over the last financial quarter.
This is a sign of a couple of labs that know what they’re doing, and that are doing it correctly.
3. Competent management
Both Binance and Ripple have the talent and the leadership. They’ve made sure that the right persons have the right job and are taking the right decisions. Both organizations are efficient and they’re doing the job they set out to do as proven by the amazing partnerships they have secured lately (just think about Ripple’s 75 international banks adopting their tech, blockchain and, in some cases, the coin as well).
They know their long-term goals and they have the team that can achieve those goals. They’re working hard for them, and they’re getting there.
4. Applying the resources
Funds are not everything. Microsoft has spent billions trying to make Bing count for something and it’s failed. It’s not about the money but about the way you use it correctly. Binance (BNB) and Ripple (XRP) have used their funds very wisely in a way that has created value for their users and coin holders. That’s why their investors trust both laboratories and are prepared to go all the way with them.
Both labs keep making the right decisions so that their investors keep profiting from sticking with them. They’ve built confidence, awareness and a market presence that is very hard to match, even by Bitcoin or Ethereum.
In short: what do these two labs have in common? They’re doing everything right.
For the latest cryptocurrency news, join our Telegram!
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
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
Using Blockchain with Benefits to Your Business: Simple Explanations
Elon Musk hits the world of cryptocurrency
Ripple’s David Schwartz: ‘The XRP ledger is decentralized’
Don't Miss2 weeks ago
Exclusive: Ripple (XRP) to be exhibited at SWIFT’s Sibos conference
Altcoins1 week ago
TRON TRX: A Perfect Way To Bring Games To Blockchain
Altcoins2 weeks ago
Electroneum (ETN) on the rise, can it make to highest market cap coins?
Altcoins2 weeks ago
Why is xRapid not bringing XRP price up?
Don't Miss1 week ago
Exclusive: Singapore to develop Ripple (XRP)-powered invoice trading platform
Altcoins2 weeks ago
You think Tron (TRX) looks good? It’s even better
Altcoins5 days ago
Electroneum (ETN) investors can have a broad smile on their face
Altcoins1 week ago
Moeda Loyalty Points (MDA) Up Over 300% This Week – But Why?