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How Ripple passed on being the Ethereum of Crypto
Ripple and Ethereum have been at it for quite some time to the extent of exchanging positions occasionally during volatile market movements. Since they are both altcoins, the question of whether they will ever amass enough momentum to beat Bitcoin has not been a major topic in the crypto space. Everyone simply assumes that Bitcoin (being the pioneer cryptocurrency) will maintain its position at the top. After all, Ethereum and Ripple’s market capitalization are only a fraction of Bitcoin’s market cap. But could these two altcoins manage to compete against each other for the top spot in future? Well, let’s find out.
How Ripple and Ethereum compare
In comparison to Bitcoin, Ethereum comes much closer than Ripple, and with good reason. While Ripple is believed to be the technology that enables fast cross-border transactions, Ethereum is believed to be the future operating system for all things Blockchain.
In fact, Ripple’s centralized approach and close ties with traditional financial institutions have rendered it the black sheep of the crypto family. Essentially, there has been lots of criticism from cryptocurrency and Blockchain purist saying that XRP is nothing more than a centralized platform that goes against the ethos of the crypto revolution.
Even though this has stagnated Ripple’s growth among cryptocurrency enthusiasts, it has propelled growth for Ripple in terms of partnerships with banks and other traditional financial institutions. While in the search for innovation and efficiency the banking industry has embraced Ripple as a more cost-effective application of Blockchain technology that maintains a centralized approach.
If Ethereum and Ripple were to battle it out for the top spot, the fact that Ripple has a better chance with traditional financial authorities could be a critical factor that would determine the outcome. Considering the over-regulation of cryptocurrencies that is currently going on, Ripple stands a better chance of being the favorite cryptocurrencies for leading financial institutions.
How Ethereum would go against Ripple
However, Ethereum would not go without a fight. Ethereum boasts of smart contracts that present a technical advantage over Ripple. Various experts on both sides of the spectrum already acknowledged the revolutionary capacity of smart contracts as a reconciliation technology with numerous potentials. Smart contracts have triggered a buzz as they are capable of enabling businesses to create their own smart contracts with minimal legal and technical operations so as to transact with other entities at the highest level of efficiency.
In fact, one of the early pioneers of smart contracts was a former CTO at Ripple called Stefan Thomas. He was part of the team that worked on developing the first smart contract on Ripple’s Blockchain after a round of discussions with Vitalik Buterin (Ethereum’s founder). While the ripple team underestimated the capacity of smart contracts at the time, Ethereum’s founder took up Ripple’s key value data and built it into Ethereum. Perhaps if the Ripple team took up the daunting task of building Smart contracts on XRP’s Blockchain, Ethereum would be the third largest cryptocurrency while XRP would be a runner-up to Bitcoin.
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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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