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Ripple and Cardano: Two Currencies That Can Disrupt The Crypto Market

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crypto market

In the past few weeks, the crypto market has been experiencing a massive competition amongst a few coins that have the potential to lead the cryptocurrency by the end of the year. As we all know, Bitcoin is still holding the crown of the most popular digital currency in the world as well as having the highest market capitalization (circa 121 Billion USD on 9th April 2018), despite its recent debacles. On the other hand, Ethereum, a coin that gave the world the efficient technology of Smart Contracts, does not seem to do very well as new loopholes and limitations in its once impregnable blockchain platform are getting discovered.

Under the circumstances, Ripple and Cardano seem to be the two cryptocurrencies trying to make hay while the sun shines. Both of them have undergone a significant amount of vicissitudes in the past few weeks in the form of new partnerships and developmental upgrades. Ripple currently holds the 3rd position on Coinmarketcap whereas Cardano holds the 7th position.

Here, a few aspects of both these coins would be discussed to provide a reasonably clear picture of why both of them can disrupt the crypto-market by taking Ethereum’s crown.

Ripple’s Recent Developments:

Ripple was introduced in 2012 to the traders across the globe as a blockchain transaction protocol capable of offering quick and inexpensive transaction facility. Over the years, the official cryptocurrency of Ripple XRP has gained considerable popularity through its efficiency and intrinsic features. By the end of the previous month, this very stable cryptocurrency had gone through a few pivotal changes that certainly added to its pre-existing efficiency. These changes include:

a. Cobalt Algorithm Implementation: On March 27th, 2018, Ripple’s development team announced the implementation of Cobalt algorithm. Due to this phenomenon, the XRP users would be able to conduct cross-border transactions within just 1 second. This would certainly provide XRP a significant edge over big guns like Bitcoin or Ethereum as none of them can offer this facility to their users. Also, the transaction fee charged by Ripple is reasonably lower than the others and due to this new implementation; the stability of this currency would also increase.

b. Hyperledger Partnership: Partnering with the Hyperledger Consortium is another judicious decision taken by Ripple’s development team as due to this partnership, accessing Interledger Protocol or ILP would be much easier for all investors across the globe. Right after this partnership had been announced, Ripple experienced a price surge and is still following an upward trend.

Cardano’s Recent Developments: 

Like Ripple, Cardano had also gone through several noteworthy updates by the end of March which can potentially change its future. This cryptocurrency was tokenized on 29th September 2017, and since then it has been wreaking havoc on the market through its meteoric rise. The recent developments of Cardano include:

  1. Implementing New Paper and Hardware Wallet: Cardano’s team has initiated a process of developing paper wallet and Ledger Nano S hardware wallet for ADA users. This new implementation would increase the security of this currency significantly by providing an offline storage system for safely holding ADA coins. Both of these developments are currently in progress but once it is completed, it would grab the attention of a significant number of new traders.
  2. Implementing Plutus Core: Plutus Core is one of the most elegant and simultaneously the simplest of programming languages. Implementing this language to the different Cardano layers is going to considerably increase this currency’s efficiency.

Final Thoughts:

Both of Ripple and Cardano are now in a fierce competition with Ethereum. As mentioned earlier, Ethereum is recently going through a lot of technical problems. For example, a group of researchers has recently divulged the fact that Ethereum’s smart contract is not as invulnerable as it seems and could become a victim of malicious attacks. On the other hand, Cardano’s smart contracts come with more rigidity and security. As for Ripple, the recent Cobalt Algorithm Implementation is going to revolutionize the entire process of transactions. Despite the fact that cryptocurrency market can change its face at any moment, these recent events only accentuate the rise of Ripple and Cardano to the top of the cryptocurrency chart.

We will be updating our subscribers as soon as we know more. For the latest on the crypto markets, 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 and read our full disclaimer.

Image courtesy of Jim Makos 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. One of the ways to have a successful…

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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…

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