There has been a wide misconception that has led the XRP cryptocurrency to be associated with Ripple despite numerous efforts by the company to demystify the narrative. However, a new leaf seems to be turning for the third largest cryptocurrency in terms of market capitalization if data from CoinMarketCap is anything to go by.
Ripple calling out to supporters
Alexavier Guzman, a long time supporter of XRP and a software engineer by profession, has launched a quest to find a symbol for XRP and finally distinguish the cryptocurrency from the company Ripple. After realizing that the XRP was actually an ISO 4217 currency code and that it lacks a Unicode standard symbol, Guzman wrote in a post on Forbes that although other currencies like Bitcoin have their own “symbol that was added to the Unicode standard,” cryptocurrencies like XRP should equally be treated with the same respect.
As a response to Guzman’s initiative that would see the open source XRP project distinguished as a cryptocurrency, Ripple has issued out a statement of encouragement in a post on twitter that equally called upon other members of the Ripple community to submit their ideas for the XRP symbol.
Guzman further wrote that the huge misconception of XRP as Ripple has mainly been due to the lack of a logo for XRP. In the post he said that “the currency is often associated with Ripple’s trademark” and as a result, many people seem to believe that XRP is a ripple product.
For the uninitiated, XRP is actually an open source digital asset that operates on its own ledger called the XRP ledger. Basically, it is a decentralized digital asset that runs on its own decentralized peer to peer network and even though it was released by Ripple, it stands alone as a cryptocurrency on its own just like Bitcoin. Furthermore, although it is designed for use by the big financial institutions, it can also be used by smaller entities that look to get a competitive advantage when sending money across borders.
Is XRP Ripple?
Granted, the perception of Ripple as XRP is completely rational as the company is the chief distributor and issuer of the cryptocurrency. However, initiatives are ongoing for the development of a logo that will further distinguish XRP from the San Francisco based startup.
Regulators ask whether Cryptocurrencies like XRP are securities
Perhaps the recurring question about whether XRP is a security for Ripple or just a cryptocurrency has been the most asked questions about that has caught the ear of regulators. In fact, reports from CCN indicate that there have been closed-door meetings by the SEC and the CFTC surrounding the discussion of whether cryptocurrencies are securities. Since the association of XRP with Ripple has been a long-lasting trivia, users of XRP have remained confused with some going as far as suing Ripple for losses made on XRP investments. In the words of a former regulator Gary Gensler who served the CFTC, cryptocurrencies such as XRP can best be classified under “noncompliant security” since they feature a distorted structure. Although there has been no information leak bout the closed-door meeting by the SEC and CFTC, word has it that the regulators were considering classifying certain cryptocurrencies as security.
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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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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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