2017 was definitely the year of the Ripple. In terms of growth, XRP’s value outshines the rest of the coins including Bitcoin by posing a growth of over 30,000 percent. Currently, however, the digital asset has fallen back with a 75 percent decline since last year to its current price in the $0.50 region. Ripple has been in the headlines lately especially after a class action lawsuit was issued to the company from a disgruntled trader who lost money trading XRP. His claim: XRP is a security and thus he should be compensated by the company for his losses.
How XRP dealt with it
In response Ripple was quick and fast to indicate that XRP and Ripple are not related. This has been the overall stance of Ripple on the matter for quite some time. All in all, even with all the efforts made by the company to establish the difference between XRP and Ripple, XRP fans still appear to be bullish at the announcements of Ripple’s achievements and partnerships as if there is a correlation to XRP’s price.
It has become pretty common to read the news of how Ripple’s partnerships with banks and other financial institutions are about to spike the price of XRP. This is however not true. Even in interviews where Ripple officials speak, certain audiences ask Ripple executives when XRP is expected to advance in price appreciation. On the other hand, XRP’s critics argue that the token is not even a cryptocurrency. The fact that over 60 percent of XRP is being held by Ripple, and that the coin is not mined, makes a strong case for critics who claim XRP is not a currency.
But how can a digital asset be a currency also be a security?
Well, while talking to Yahoo fiancé during an interview, Cory Johnson (a chief marketing strategist at Ripple) mentioned that the endless comparison by investors and crypto enthusiasts over whether Ripple and XRP are related is a tad frustrating. He said that:
no one calls Exxon Mobil oil. Exxon Mobil has a vested interest in seeing that oil is successful but that doesn’t mean it’s the same thing.
A closer look at Ripples main products and you will realize that XRP is only used as money transfer tool in Ripple’s xRapid. In fact, one of Ripple’s main products, xCurrent, does not use XRP. With Ripple building up over 100 partnerships with banks and financial institutions across the globe, none of the partnerships have affected the price of XRP.
For the average retail trader of XRP, such nuances that make XRP stand out in the market are one of the most important factors to consider when planning a long-term investment to XRP. However, this is hardly the case. To clearly illustrate his point during the interview, Johnson pointed out that although Ripple had “the best first quarter” signing more deals than before, ”XRP had the worst quarter it ever had”.
Why does’ the hype still persist around XRP then
Well to explain this, Johnson thinks that “people have money at stake” and as a result, more traders only pay attention to the price while biased reporters promote and criticize cryptocurrencies based on their holdings. After he was asked to talk about the reason behind the slow-paced adoption rate of banks to Ripple’s technology, he mentioned that xRapid (the only product using XRP) is targeted towards remittance companies and not banks as most people think. Ripple, on the other hand, continues to focus on making cross-border payments easy fast and impactful.
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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…