Connect with us

Blogs

Ripple bags more partnerships creates confusion in XRP price

Published

on

Ripple

Over the past few months, Ripple (the company) has been on a mission to distinguish itself from Ripple XRP (the cryptocurrency). Most people believe that they are both one and the same thing but most people are wrong. It’s easy to confuse the two, right? After all, isn’t ripple the largest owner of XRPs and didn’t they create the Ripple XRP to start with? Well, it can get a little confusing but Ripple wants to make it clear once and for all.

Creating a Symbol for XRP

As a result of the confusion around Ripple and XRP, an initiative is currently ongoing to come up with a symbol for XRP. The aim, obviously, is to keep it clean, simple, and minimalist but utterly different from Ripple.  In fact, a community-driven initiative has been started that will see the submission of logos from the community with voting set to begin next week.

With Ripple holding a larger amount of the XRP than any other entity, it has become a public assumption that the XRP represents security for Ripple the company. There has been also some class action lawsuits directed at Ripple in this regard. However, semantics aside, XRP (as an open source ledger) has proven to be quite useful especially for third-party developers.

In fact, some crypto enthusiasts believe that the XRP can perform much better if it successfully separates its identity from Ripple the Company. The reason is simple. As an age-old tradition, most cryptocurrency traders and investors prefer decentralized platform than centralization ones.  And by the look of it, Ripple XRP is one of the most centralized platforms there is as all the nodes on the XRP’s network are controlled by Ripple the company.

How Partnerships with Ripple do not affect XRP

In fact, developments on the Ripple net have almost always been expected to result in a spike in the price of XRP by most XRP holders. To their disappointment, XRP has remained as volatile as the rest of the coins on the market even with numerous partnerships with more than 100 banks and payment platforms across the globe,

For instance, a recent report indicating Ripple’s partnership with two more payment providers in South America and Asia will see InstaRem and Sao Paulo join the RippleNet bandwagon. The two firms will take advantage of Ripple’s xVia which is one of Ripple’s latest projects. xVia allows companies and payment providers such as the Brazil-based Sao Paulo and Singapore based InstaRem to send money through banks without any initial software installation. Xvia and the partnership with RippleNet will in no way involve the use of Ripple XRP as most XRP holders would expect.

The distinction between XRP and Ripple

Basically, even though Ripple (the company) created and holds most XRP, the company also has 3 other Blockchain related products that are completely unrelated to XRP the cryptocurrency. There is the xCurrency which is a flagship product that enables banks to efficiently move money across borders without using the XRP cryptocurrency. The product is loved by the banks as it is an efficient product that saves them money. Next is the xRapid product which is the only Ripple product that uses XRP to improve liquidity while trading in emerging markets across borders. Finally is the brand new xVia product that is similar to xCurrent in that it enables payment providers apart from banks, move money efficiently at affordable costs.

For the latest cryptocurrency news, join our Telegram!

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 Pexels

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

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…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

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…

Continue Reading

Altcoins

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

Published

on

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…

Continue Reading

Trending