Since the beginning of the year 2017, ICOs have been rampant on all crypto platforms and have amassed quite a fortune. There’s no denying the fact that almost half of the ICOs launched back in the previous year have crashed and thrown out of the market, but there are also examples set by tech start-ups which have raised almost $1.3 billion through their initial coin offerings. Due to this ICOs have been a frequent victim of several regulatory, financial and technical issues but nonetheless, there has been no stopping of ICOs.
- Background of Stellar
Stellar works on consensus protocol and promotes the organic growth of the network through the unanimous accepted list of nodes. Birth of Stellar can be dated back to 2014 and since then its goal has been to act as a medium for organizations by which they can extend financial opportunities to communities. It has been a fast-growing organization which has now reached the market capital of $10.1 Billion and its circulating supply is 18.5 Million XLM tokens as of writing this article. One of the company’s founders Jed McCaleb is a well-known cryptocurrency genius who has been built two full-fledged cryptocurrency companies. He was the core person who successfully sealed the deal with ‘Stripe’ that resulted in the formation of his second brainchild after ripple.
- Role of ICOs in Cryptocurrency Market
Through initial coin offerings, we have observed the gradual growth of different decentralized networks adopting blockchain technology. ICOs are more than just fundraising schemes. It allows network participation and global financial inclusion. Organizations have raised almost $1.8 billion through ICOs since last January.
- Advantages of ICOs
- Initial coin offerings deliver a better approach to open source project development.
- ICOs deliver smart network efforts while keeping the costs of fundraising at the minimum.
- Once the coin is launched and acquired by users, its demand increases exponentially, which adds to the coin’s value.
- Token holders who acquire tokens during pre-sale often get additional tokens as rewards for their investments as a bonus.
- By purchasing tokens via its ICO buyers can ensure to obtain a share of profit from the project.
- Ethereum – The Tradition ICO Platform
In the past, ICO funded projects have always been issued on Ethereum network using the ERC-20 standard. But for the past few years, the Ethereum blockchain has been subjected to transactional backlogs and security breach. This situation has called for an immediate step to break out from the norms and accept a better choice for ICO platform which is ‘stellar’.
- Reasons for Using Stellar as An ICO Platform
The first ICO that took place on stellar blockchain is Mobius Network, which has raised around $39 Million during the first two hours of its ICO making it one of the largest ICO to be held on Stellar.
Below are some highlights of using stellar as an ideal platform for ICOs.
- Built-in decentralized Exchange:
Stellar was formed in order to support efficient trading. Tokens which are created on the stellar platform can be sold immediately on stellar’s decentralized exchange by employing stellar’s native offer mechanism. It reduces the need of relying on any third-party exchanges.
- Enhanced Security
The simplicity behind transaction model of stellar compensates for Ethereum’s lack of security concerns. The fact that it doesn’t require turing-complete smart contracts but employs atomic multi-operation transactions that can be audited quickly serves as a shield from security breaches and program vulnerabilities. There are many other additional securities such as node validation of their transaction by organizations.
- Creation of Custom ICO
Stellar provides customized ICO creation for those who understand the uniqueness of initial coin offerings by features such as base abstractions that include accounts, offers, payments, and transactions. With the help of these base abstractions, people can structure a unique built-in ICO features with ease. In addition to this, the stellar platform is also suitable for organizations having KYC requirements.
- Cheaper and Faster
The major reason behind finding an Ethereum replacement for ICO platforms is because of the increasing costs of computations, transactions, and valuations. With the rise in the value of ether, working on the Ethereum blockchain is getting more expensive. But this isn’t the case with stellar since it does not require ‘GAS’ for the execution of programs and the transaction fee is around .00001 XLM which is negligible. The average transaction time on the stellar platform is approximately 5 seconds making it much faster than Ethereum where it is 3.5 minutes.
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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.
Image courtesy of Niklas Morberg via Flickr
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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.
NFTs are already being actively traded in markets globally. For…
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…