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Is Stellar (XLM) Ready To Surpass Ripple (XRP)?

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Stellar

Ripple (XRP) and Stellar (XLM) both share many similarities one of which is that both have been developed by the same person, Jed Caleb. Ripple was born from a corporation, the open coin whereas the Stellar was born from a non-profit organization called the Stellar foundation, which is based on the Ripple protocol. In the midst of the ongoing turbulence in the cryptocurrency market, several tokens and coins are have been experiencing drops in their valuations, while some other currencies have been witnessing a surge in their prices. Ripple and Stellar are two such currencies which have been under the spotlight of attention for their bright performance in the crypto market.

Currently, Ripple has innumerable gateways including major banks and payments services while Stellar has only a few. However, it is not because Stellar’s popularity or potential is any less but because Stellar seems to be aiming for something different than Ripple. They self-describe themselves as a group which aims to connect people to low-cost financial services to fight services poverty and develops individual potential. This does not deter them from being adopted from by corporations like giants Deloitte and IBM, which announced Stellar will be the backbone of its new cross-border payment solution.

Gateways

This is how it works in both systems: anyone can make use of both Stellar’s and Ripple API and declare themselves a gateway. While you need to trust the getaways you use, you don’t need trust the other participants in the network. This is like trusting your local bank to hold a deposit on your behalf. In Stellar, it is up to you to decide how much you’d like to trust a gateway by setting policies that allow the getaway to hold a deposit of a certain sum on your behalf.

Introducing Stellar

Stellar is a decentralized protocol which enables the processes of sending and receiving money in any pair of currencies. This implies for instance, that users can send a transaction from their Yen balance, and have it arrived in Euros, Yen or even Bitcoin. They are expecting to support the categories of payments which are usually the following:

  • Payments to a merchant
  • Remittances back home
  • Remittances back
  • Rent splits with a roommate

Consensus

Stellar uses its own distributed ledger, which is maintained by a consensus algorithm rather than mining. Each node in the network communicates with a set of other nodes which is highly unlikely to collude. Examples of such nodes are the ones run by universities, governments, and corporate organizations. It is worth noting that it does not need to trust the nodes themselves—it just needs to believe the nodes will not work in unison to yield some distorting result. Then an iterative process is used to reach a consensus which results in each new ledger being decided upon every few seconds. Correspondingly, there is instant confirmation of transactions and there is no need for mining.

Stellar price momentum continues

Stellar managed to go up by 12% against the dollar on February 24 of 2018. This means that investors and holders of Stellar are looking forward to seeing that Stellar is getting closer to the value of 0.5 dollars per unit. With this pace of growth and bounce off, Stellar has managed to outperform all other currencies having the greatest step of growth in the last couple of days when compared to all existing coins. With the price of Stellar surging by 13.1% over in the recent past, it has become evident that there is quite a high demand for this cryptocurrency. The factors prompting this rise in demand are yet to be figured out.

How well will Stellar perform in 2018?

Thanks to its pace of growth and latest rise in price, Stellar is considered as one of the best performing coins in the market. This way Stellar can look forward to getting new investors who will bring more opportunities for the blockchain and will cause its price to soar even higher. With Ripple already having gone over a dollar price per unit, it can be concluded easily that Stellar will easily reach a price of one dollar per single unit in the very near future as well.

Since Stellar is making efforts to be an alternative to traditional money transfer using traditional banks, especially in places that need it the most, an exact correlation cannot be pointed between Ripple’s success and Stellar’s failure or vice-versa. Despite this, we can see the Stellar holds immense potential for further success in the future. 2018 is projected to do wonders for both the cryptocurrencies. Both the coins are gaining a lot of popularity for being two of the most promising currencies on the crypto market.

We will be updating our subscribers as soon as we know more. For the latest on XLM, sign up below!

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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Roger Blake via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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