The battle to reign supreme in the industry of cross-border payments on the blockchain is no longer the sole arena of Ripple. The long-held partnership between IBM and Stellar (XLM) has yielded another development in the form of a ‘near instant’ cross-border payment solution. The two firms have introduced what is known as IBM Blockchain World Wire.
The new service plans to revolutionize cross-border payments by:
“Clearing and settlement [of payments] with finality in near real-time. The solution uses digital assets to settle transactions — serving as an agreed-upon store of value exchanged between parties — as well as integrating payment instruction messages. It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”
The IBM firm had been known to be running 9 Stellar nodes to settle cross-border transactions prior to the announcement of this new blockchain service. With SWIFT being the only payment solution for the last 50 years, Stellar and IBM enter a domain that needs to be revitalized by new more efficient technologies. The probability of the banking industry adopting blockchain 100% in the next 12 months is very high and both Ripple and Stellar are at the front-line of all the action.
With Bitcoin having set the pace when its ledger was launched in 2009, it exists for such a long time has proven that digital assets can offer tangible improvements to financial services by increasing security as well as making them more efficient.
What does IBM mean for XLM and XRP in the markets?
From a business and investing point of view, XLM suddenly has the upper hand. With XRP having many so-called ‘non-believers’ in the crypto-space, XLM provides an option to invest in a relatively cheap digital asset with the potential of pulling off massive gains in the long run.
XLM is currently valued at $0.20 due to the massive crypto market correction that just happened, and at the moment of writing this. Looking at XRP, it is valued at only 9 cents higher at $0.29. However, XLM has a lower circulating supply at 18.8 Billion whereas XRP has 39.65 Billion. This, in turn, means that with considerable demand once this new cross-border service is live, XLM could continue to gain in the markets.
However, IBM and Stellar have not definitely stated that XLM will be used to source instant liquidity for the cross-border transactions. They simply state that the service will use the Stellar protocol with a Liquidity provider on both ends. A block diagram has been provided below for easier visualization of this concept.
Over 1 Million Active XLM Accounts on Its Ledger
The XLM network recently marked a new milestone of over 1 Million XLM accounts on its ledger. According to the block explorer on the network, the current number of active accounts stands at 1,218,453 further signifying a growing interest to buy, own and use XLM as a preferred digital asset across the globe. A clearer visual representation of the increment in accounts on the network can be found below:
In conclusion, blockchain technology from both Ripple and Stellar will go on to revolutionize cross-border payments in the next 12 months. This means that we will be more connected globally in not only by using the internet but by near-instant cross-border payments that will make our daily lives more efficient.
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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…